The S&P/ASX 200 index (also known as the XJO) is the main benchmark for the Australian equity market (replacing the venerable All Ords as the industry standard). The index is made up of 200 of the top stocks, which boast a total value of around $1.1 billion (end of March 2010).
Major support – 5650 (trend line joining 5270 and 5380)
•ASX200 takes support near trend line and jumped from that level.The index jumped till 5719 at the time of writing and is currently trading around 5686.
•The index faces strong trend line support at 5650 and any break below will drag the index down till ...
In longer term, ASX is still in Long term with nice HH, and HL.
In the immediate term, I am seeing a possible retracement in a making, with Bearish PA to boost.
Standing with BEAR for now.
Major support – 5611 (200- 4H EMA).
•ASX200 has broken major support at 5718 and declined till 5698 at the time of writing. It is currently trading around 5701.
•The index faces strong support at 200 -4H EMA and any break below will drag the index down till 5515.the minor support is around 5675
•On the higher ...
This is a good opportunity to Short AUS200
There is a double top after a rally and had broken through the trend on H4.
At the higher time frame D1 and W1, the price is currently at the extreme on a Parallel Channel with the last candle indicating a bearing move.
I am taking 2 different levels of entries:
• First ...
Going back to the basics on this trading idea.
Suppose you have an AUS200 long position, it is a good time to sell it now, as shown by the Parabolic SAR indicator.
As for me, I'm taking a short position at the break of last session's low.
Short at 5659.
Stop loss at 5724.7.
Target profit at 5500 (2.44x ...