S&P/ASX index of Australian listed shares Analysis 09/09/14

FX:AUS200   S&P/ASX Index
28 0 1
Continuation of 28/08/14 Analysis ---

This index is still in the uptrend. As previously mentioned, both lines above (uptrend and horizontal line) should serve as support, though it is better to trade at the uptrend support because it has a lower price. But what is important is how the price reacts in these two levels. As can be seen in the chart, the price touched the Significant Horizontal Line in the last two days and stayed on top of it. This indicates that the support level was respected by the market. This might be a signal that going Long here will be a good opportunity. Although for a more conservative trade, we could wait for a bullish signal here that confirms that the market is ready to go up. Currently, the market is silent and there's still no Bullish action at this level. But as mentioned above, it is logical to trade here because the market acknowledged this support level and respected it.

Trade well.
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