The ASX200 experienced a very choppy week which relied heavily on Friday’s +1.9% recovery to stem the sharp losses, it felt a lot worse than the ultimate -1.8% decline. We think the markets looking for an “April/May” seasonal low but our preferred scenario is there’s one more dip on the horizon:
- For the active subscriber’s MM is still looking for follow through on Fridays bounce to ~7150 before a dip towards 6800 to complete the “sell in May & go away” fall.
In the bigger picture, the local markets simply continuing to rotate between 6750 and 7650 which from a risk/reward perspective suggests investors should be brave if / when we do see a dip below last week’s low.
MM is looking for a test of 6800 short-term
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