ASX200 set to resume its battle with weekly trendline resistance

The ASX200 finished +38 pts (0.47%) higher yesterday at 8252. The push above 8250 significantly reduced the chances of a potential head-and-shoulders topping pattern and following gains on Wall Street overnight, the ASX200 is set to resume its battle with multi-week trend channel resistance, which currently resides in the 8300/10 area.

A sustained break above 8300/10 would set the ASX200 up for a run towards 8450 into year-end. Conversely, a failure to see a sustained close above 8300/10 combined with a fall through support at 8110/00 would warn that a deeper pullback is underway.

ASX futures closed 37 points (0.45%) higher this morning at 8321, which points towards the ASX200 opening at ~8290.