A positive week for the ASX 200 index as Australian banks came back from the brink, recovering above primary support at 8100. Expect a rally to test the declining LT trendline around 8350 but selling pressure continues, with the Trend index below zero, and another test of primary support, this time at 8000, is likely.
Miners continue their up-trend. Although this week’s bearish hanging man candle warns of a correction.
The ASX 200 will lift for as long as the bank rally lasts but ASX 300 Banks long-term trend is downward. Bearish divergence on the Trend Index continues to warn of long-term selling pressure.