AUS200 - Bearish pressure persists

FX:AUS200   S&P/ASX Index

Trade Idea

ASX200 - Intraday - We look to Sell at 6680 (stop at 6700)

Afternoon gains were sold into and follow through bearish momentum resulted in the market moving lower. The overnight rally has been sold into and there is scope for further bearish pressure going into this morning. Previous support located at 6646. We look for a temporary move lower. The reaction lower is negative, however, we view this as an opportunity to set longs in line with the overall bullish move higher. Preferred trade is to sell into rallies.

Our profit targets will be 6620 and 6600

Resistance: 6690 / 6700 / 6735
Support: 6640 / 6620 / 6600
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