ASX 200 Brief Analysis

As can be seen from the weekly chart the market couldn’t overcome the descending trend line. It closed just below it and would be bullish if broken.

US market has fallen on Friday and therefore ASX 200 futures point to a 43 points fall. This would be around 5420-25, the level of support of the neckline (see 60 min chart below).

If the market goes lower, stronger support would come in the range of 5382 to 5401.