The ASX 200 pencilled in a double-bottom pattern at 8,485 in early June, where price recently crossed above the formation’s neckline at 8,810. With Thursday's session closing in the red and snapping a four-day winning streak, this could open the door for a retest of the neckline (as support) to perhaps target the pattern’s profit objective at 9,128 – a base set just south of the index’s all-time high at 9,202.
Written by FP Markets Chief Market Analyst Aaron Hill
Written by FP Markets Chief Market Analyst Aaron Hill
Note
Neckline being retested - AH
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