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ASX200: Upside Intact

Technicals | Apr 11 2023

By Michael Gable 

Despite all the negative headlines, we noticed that share markets had looked bullish a couple of weeks ago and we are now seeing a recovery. In months or years to come, if you were to look at a chart of the S&P 500 Index and try to pinpoint when the "great banking crisis of 2023" occurred, you would never pick it. That is a very telling sign from the market. Today's report has a chart of the S&P/ASX 200 index (XJO) to show you how we are interpreting this price action.

We last looked at the XJO back on 21 March where we noted that it was looking like setting up for a bounce with a push above 7000 being the buy trigger. We have since seen a convincing rally off the lows and we expect further upside from here. In the short-term, it is cooling off near 7200, which is a major support level. Once this consolidation is over, the XJO should head higher from here and we would be looking for a retest of the February peak.

Content included in this article is not by association the view of FNArena (see our disclaimer).
Michael Gable is managing Director of  Fairmont Equities (

Fairmont Equities is a share advisory firm assisting Private Clients with the professional management of their share portfolio. We are based in the Sydney CBD but provide services to private clients across Australia. We believe that the concepts of fundamental analysis and technical analysis of stocks are not mutually exclusive. Regardless of whether you are a trader or long term investor, combining both methods is crucial to success. As a result, the unique analysis of Fairmont Equities is featured regularly in the media such as Sky News Business, CNBC, The Australian Financial Review, and the ASX newsletter. Contact us for a free trial of our research and information on our portfolio management services. 

Michael is RG146 Accredited and holds the following formal qualifications:

• Bachelor of Engineering, Hons. (University of Sydney) 
• Bachelor of Commerce (University of Sydney) 
• Diploma of Mortgage Lending (Finsia) 
• Diploma of Financial Services [Financial Planning] (Finsia) 
• Completion of ASX Accredited Derivatives Adviser Levels 1 & 2


Fairmont Equities Australia (ACN 615 592 802) is a holder of an Australian Financial Services License (No. 494022). The information contained in this report is general information only and is copy write to Fairmont Equities. Fairmont Equities reserves all intellectual property rights. This report should not be interpreted as one that provides personal financial or investment advice. Any examples presented are for illustration purposes only. Past performance is not a reliable indicator of future performance. No person, persons or organisation should invest monies or take action on the reliance of the material contained in this report, but instead should satisfy themselves independently (whether by expert advice or others) of the appropriateness of any such action. Fairmont Equities, it directors and/or officers accept no responsibility for the accuracy, completeness or timeliness of the information contained in the report.

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