Charts fighting against the bulls

The ASX 200 has breached a key support level according to chartists and a downtrend looks likely for local shares.

Strength in global manufacturing, and better-than-expected building approvals and export data for Australia, appear supportive of higher share prices over the next 12 months. Fundamentals aside though, the daily chart of the benchmark S&P/ASX 200 Index shows a clear breach of support and an emerging downtrend.

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