Australia's S&P/ASX 200 opens down -0.21% at 6540.40

Technical Analysis

Author: Greg Michalowski | asx

Weaker opening for the S&P/ASX 200

Australia's S&P/ASX 200 opened down -0.21% at 6540.40.

Looking at the daily chart, the price of the index moved to the highest level since December 2007 and also above a topside trend line. However, momentum could not be sustained and the price has come off a bit. THe May high at 6510.90 will be eyed on the downside for close support. If the price can stay above, the buyers remain in firm control. Move below and the high sellers might start to feel a little more confident.

Weaker opening for the S&P/ASX 200

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