Last week’s short candle on strong volume indicates the ASX 200 is running into resistance at 4400/4450. Reversal below the rising trendline would suggest another correction.
The hourly chart broke through its rising trendline, and first line of support at 4395/4400, on Monday morning. Retracement that respects resistance at 4400 would warn of a down-swing to 4250.

Colin Twiggs is a former investment banker with almost 40 years of experience in financial markets. He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters.
Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis.
Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008/2009 and 2020 bear markets well ahead of actual events.
He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.