The weekly chart shows the ASX 200 finding support at 4260. Recovery of 63-day Twiggs Momentum above zero suggests a primary up-trend. Breakout above 4400 would confirm the signal. Failure of support at 4260, however, would warn of another test of primary support at 4000.
The hourly chart shows Friday’s jump above resistance at 4320 followed by retracement to test the new support level. A lower high on Monday followed by another test of 4320 shows buyers lack enthusiasm. Failure of support would warn of another test of medium-term support at 4260.
