 Hello and welcome to the CMC Markets chart of the week video with myself David Madden, Marketing Analyst here at CMC Markets and today's date is Wednesday the 28th of February 2018 and the time has just gone at 12.45pm UK time and the chart of the week this week is going to be the ASX200 or as we call it here at CMC Markets on a platform the Australia 200. So taking a look here on a daily chart what we can see is the Australian 200 like many global equity markets had a good finish to 2017 so as you can see here classic example of a higher highs and higher lows and in early 2018 in January of this year the market went down to hit its highest level for 10 years but like global equities global equity markets it endured a major sell-off in early to mid-February. As we can see here there's quite a substantial sell-off but the market has been turning around over the past two two and a half weeks as you can see here the market has been pushing higher and it's regained a large portion of the of the ground that it has given up and should this push higher over the last couple of weeks continue and the market actually worked to actually continue to push on higher from here we could be looking at every tracing the recent high of the recent 10-year high of 6160 and if you go beyond that we could be looking at pushing to 6200. If you take a look at the MACD histogram the MACD indicator we can see that as the market was driving lower in early February we saw a steady increase in negative momentum but well it's about two two and a half weeks ago when the market began to turn around we saw a decline in negative momentum and I was actually swung into positive momentum so the market is pushing higher here and that's been confirmed by a steady increase in positive momentum. The last couple of sessions have seen the market turn a bit lower but it's not exactly a major surprise given how much ground we've covered in the past two and a half weeks so the market has drifted a bit lower and we have seen a slight decrease in positive momentum so it's possible we could drift lower in the near term for potentially continuing the medium term positive upward move. I love to retest the recent highs of 6160 so if the market does continue to drift lower we may look to find some support in around the 50-day moving average which comes into play at 60-16 or perhaps even down at the 1-day moving average which comes into play at 57-79. Notice how the 1-day moving average didn't manage to act as support only last Friday and if you look at early February it didn't manage to act as resistance so if a certain metric has a previous history of acting as either a support area or resistance area it's likely to do so again in the future. Even if you drift lower south of the 1-day moving average we may even find some support from the mid-February low of 58-77 this price area here. If we do manage to actually have a decent break south of 58-77 that could be an indication that we actually are looking to retest the recent lows and the market actually is turning over on itself rather than correcting itself and pushing higher. So if we do have a decent break south of 58-77 we could be likely heading back down towards this 5,800 area here or perhaps even down as low as a February low of 56-71 and a move south of 56-71. If we indicate we suggest we could be looking at heading back down towards 5,600. Well that's all for me this week thank you very much