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The ASX 200 seems fairly comfortable in a 5300 to 5400 range and a focus on the daily chart shows the 20-day moving average starting to flatten out. The two-hour chart (below) better shows the bids coming into the market around 5300 since 9 May (as circled). There was a brief period last week where price moved through support, but the buyers have stepped back.
I’m happy to stay neutral on this index, turning more bearish on a convincing break of 5250 and even more so 5200. A closing break above 5334 (the 38.2% of the recent sell-off) would be positive and suggest a stronger rally into 5400 and the top of the range.