Australian index seems to be in a very stable trading channel (since May) - but it looks like it might break out. It has a lot of upside potential - with the top of the 12 years trend channel quite high above and also the long term resistance (double ATH) being around 6950.
Plus Australia has dealt with the covid-19 pretty decently and has no spikes in cases and lockdowns on the way. (unlike Europe). I think this fact also plays its role in the recent uptrend.
So if it breaks above I consider this a feasible long term investment.
Plus Australia has dealt with the covid-19 pretty decently and has no spikes in cases and lockdowns on the way. (unlike Europe). I think this fact also plays its role in the recent uptrend.
So if it breaks above I consider this a feasible long term investment.
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It might actually turn the opossite direction and the channel bottom -
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Now it is the time when decision comes.
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rejected exactly at the top of the trading channel. Will retest once more for sure. We will see. I am long.
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Got out and now struggles at major res/sup - still possible more upside. My longs closed - waiting for better entry