Well here we are and another week has gone. I enjoy doing these chart posts. I don't really care if anyone reads them or not. It helps me to get an understanding of what is going on.
The ASX 200 weekly chart actually looks quite bullish, much to my surprise I must say. If we do get a retrace on the daily, I don't expect it to be all that severe. The weekly MACD is not quite crossed up yet, but with the breakout this week, you could argue the case for a rally into May depending on how events unfold in geopolitical hot spots.
We did get a weekly lower low in December last year. That was followed by a weekly lower high to end the year of 2013. I expected that it would be followed by a lower low but that was not to be. We got a higher weekly low at the end of January this year and now a higher weekly high and breakout.
Unless we get a lower weekly low now, say down at 5,100 we can in my opinion, view this as a long term bullish trend, especially if the weekly MACD crosses up.
As long as we get a weekly higher high and higher low, I don't think there is a case to be too bearish. I thought we were entering a bear market in January now that the tapering by the Fed in the U.S. was in play but there you have it, it didn't happen. This is certainly not a bear trend on the weekly chart at this time.
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