ASX200 - Daily - Time for a correction to the downside?
Trade Alert
Yesterday, ASX200 formed a nice doji candle, which, according to textbooks, signals a reversal. The index drifted lower today and closed in the red. All this is lead to a potential correction to the downside, which may continue up until the medium-term upside support line taken from the low of December. But, we will target the area slightly above that upside line, in case the index decides not to fall all the way to that line.
Our alternative scenario is if ASX200 breaks the recent high, near the 6525 barrier. This way, the index couild clear the path for itself towards the highs of 2007.
Please see the chart for levels and targets.
Don't forget your stop-loss.
Yesterday, ASX200 formed a nice doji candle, which, according to textbooks, signals a reversal. The index drifted lower today and closed in the red. All this is lead to a potential correction to the downside, which may continue up until the medium-term upside support line taken from the low of December. But, we will target the area slightly above that upside line, in case the index decides not to fall all the way to that line.
Our alternative scenario is if ASX200 breaks the recent high, near the 6525 barrier. This way, the index couild clear the path for itself towards the highs of 2007.
Please see the chart for levels and targets.
Don't forget your stop-loss.