Australia: ASX 200 resistance

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.

ASX 200 Index

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.

ASX 200 Index Hourly