ASX200 extending into key resistance..is the party ending?!
The ASX200 has had a strong run up after breaking through 6200 earlier in the month off a higher low. Price is getting extended and we expect a further push from the bulls and reaction around the 6845 area. For further bullish action price will need to consolidate a pullback below the level before a thrust up and through to new highs. The previous move to 7200 before the Feb selloff was an extension of the highs so we may see some profit taking at this level again. Either way, a pullback should be deemed as healthy to reset for continuation...nothing keeps going up in a straight line and it may be getting to the end of the party in the near term.
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