The ASX200 looks set to open around the 6675 level this morning after testing its 2-week low on Friday, if we are correct the recent consolidation pattern should finally break out on the upside towards the 6850-6900 area in the next few weeks:
- MM expects a rally by the local index of ~4% over the coming weeks which is not a big call if the banking stocks can follow their US peers.
- Importantly we still believe another major test on the downside is likely before Christmas hence no change to our overall view for 2022 – “buy the dip and sell the pop with the emphasis now towards the sell side of the equation”.
MM remains bullish the ASX200 short-term
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