SYD's long standing pitchfork (whole of 2019) is being tested as support again.
Both SYD and AIA have outperformed the All Ordianries over this period.
Finding support at the edge of the pitchfork could see a reversion towards the median line of the pitchforck with a price target ~$9.30.
Breaking out of the pitchfork could find support at the level and zone identified.
The high level of RSI moving average makes the latter case more likely, with a neutral outcome for RSIMA finding support above the low in early October, above the 50 line.
Both SYD and AIA have outperformed the All Ordianries over this period.
Finding support at the edge of the pitchfork could see a reversion towards the median line of the pitchforck with a price target ~$9.30.
Breaking out of the pitchfork could find support at the level and zone identified.
The high level of RSI moving average makes the latter case more likely, with a neutral outcome for RSIMA finding support above the low in early October, above the 50 line.