The risk-on rally across on Thursday helped the ASX 200 extend its gains overnight. The 4-hour chart shows a strong rally from the 200-day EMA and 61.8% Fibonacci level, although a small shooting star candle formed alongside an RSI divergence (after it has reached overbought). This is nothing major and could simply mean a small retracement or period of consolidation. Ultimately any dips towards the 50-bar EMA or 7624.7 support level could be favourable for bears, but if prices simply extend their lead at the open then a move for 7700 could be on the cards. At which point we’ll find out whether it has the momentum to ... (full story)