WolfieOfWallStreet

Multi-Frame Range in Australian Stocks

Short
GLOBALPRIME:AUS200   SPI200 Cash CFD
Australian is entering in a new Covid-19 Range, the Australian Economy is looking affected in a short term again, and that includes stocks. The AUS200 Indice for Australian Stock have been ranging since these new news, now the range is viewed in a multi-frame way.

A Strong sell is recommended at levels: 7360-7390, following the range. As seen, The Momemtum indicator and the RSI , even the MACD , sustain this coming short up to the below levels showed on the graph. In the Fundamental Way, The short is favourable due to increasing Covid-19 cases in Australia.

Any violation of the 7420 level would indicate a new ATH .