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CFDs are complex instruments. 72% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

ASX 200 technical outlook

ASX 200 index is scoped to rise further while the short term technical is bullish.

Source: Bloomberg

ASX 200 short-term technical outlook – bullish

Australia's ASX 200 broke above key resistance and opened the door for further gains in the coming weeks/months.

The index’s break above the barrier at the August high of 7138 has triggered a double bottom (the June 2022 and the October 2022 lows), pointing to a potential rise toward 7865. This follows a hold last year above crucial support on the 200-week moving average, coinciding with a 38.2% retracement of the 2020-2021 rise (see chart).

Fibonacci retracements of 38.2%-50% are considered reasonable and corrective, rather than a reversal of the trend. In the case of the ASX 200, the 2021-2022 decline was a correction of the post-Covid bull run and not the start of a bear market.

The price objective of the bullish double bottom pattern implies a break above the record high of 7633 hit in 2021 to new cycle highs. On the downside, there is quite strong support at the early-January low of 6905, near the 200-day moving average.

ASX 200 weekly chart

Source: TradingView

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