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ASX200: Rangebound

Technicals | Sep 12 2023

By Michael Gable 

Last week saw a soft performance from the market with plenty of stocks trading ex-dividend and a lack of company news after reporting season. This saw the S&P/ASX 200 Index fall back towards the lower end of its recent range, but we do seem to be finding support again and this means we are at the levels where it is time to consider new buying opportunities.

Today's report has a chart of the S&P/ASX 200 Index (XJO).

The XJO generally remains in a trading range between about 7,100 and 7,400. The move lower last week has seen it find support once again at the bottom of the range. Until we get a sustained break one way or the other, the market is a buy down here and a sell up at the top of the range. Having said that, the recent highs and lows have also started to tighten up. This could be a precursor to a big move, finally, out of this range. Over the next few weeks, we will be able to see how this evolves and we will reassess then.

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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