ASX 200 Index- Analysis as at 30th June

The last day of financial year in Australia

The index has been in a sideways pattern for 13 weeks now. The important support is between 5350 and 5373 and resistance 5510 to 5554.

This looks distributive to me unless the index closes above the trend line (currently 5507 for tomorrow). On Friday it tried to brake the last range high at 5468 (high 5480) but closed back in the range in a down day at 5445.

Conclusions:

If the index can go higher than 5480 would be possible to have a run to mid 5490s. If down and breaks Friday low at 5440 next stop would be around 5424.

Remember, it’s the last day of the financial year and could be volatile, depending on how fund managers want their books to look like.