S&P/ASX Index of Australian Listed Shares Analysis 03/10/14
Long term trend: Up
Medium term trend: Down
Significant levels: 5560 (Horizontal Resistance), 5370 (Horizontal Support), Uptrend Support
This is the same chart as the previous analysis. As mentioned before, the trend here is up, but we would consider going Short if the retracement happen back to the support level which is currently forming. The current price is slowly going up and if the support-turned-resistance line holds and the price formed a Bearish Signal, that would be the time for us to go Short here. It is unlikely that the price would reach that point today, therefore, there would be no trade here today, not until next week.
Trade well.
Medium term trend: Down
Significant levels: 5560 (Horizontal Resistance), 5370 (Horizontal Support), Uptrend Support
This is the same chart as the previous analysis. As mentioned before, the trend here is up, but we would consider going Short if the retracement happen back to the support level which is currently forming. The current price is slowly going up and if the support-turned-resistance line holds and the price formed a Bearish Signal, that would be the time for us to go Short here. It is unlikely that the price would reach that point today, therefore, there would be no trade here today, not until next week.
Trade well.