Could AUSTRALIA lead the synchronised global market crash???
The global markets have been rattled over the past year with many issues which don't need repeating however recently there was major banking scandals in Australia with Westpac (ASX:WBC) having breached the money laundering laws 23 million times.
This chart is very interesting from a technical standpoint as it shows big selling pressure at a key resistance level over a very long time; 12 years to be precise.
Over the weeks the sellers have continued to come in with pressure at the major resistance zone. This week showed a nasty amount of bear volume coming in. The question is will it continue??
We don't know yet as always but ill just say that a double top on the weekly chart is one of the most powerful sell signals you can see from a technical stand point.. so I am looking to get short and have already moved my super into cash as a precaution because the downside risk is very high in my opinion.
What I'm waiting for is simply the weekly chart to turn into a negative trending territory for a longer term trade.
For a shorter term trade the daily chart we possibly has an entry right now as the bears came in and broke the trend and now we have come back and retested.
Good luck
Muchos Gracias
This chart is very interesting from a technical standpoint as it shows big selling pressure at a key resistance level over a very long time; 12 years to be precise.
Over the weeks the sellers have continued to come in with pressure at the major resistance zone. This week showed a nasty amount of bear volume coming in. The question is will it continue??
We don't know yet as always but ill just say that a double top on the weekly chart is one of the most powerful sell signals you can see from a technical stand point.. so I am looking to get short and have already moved my super into cash as a precaution because the downside risk is very high in my opinion.
What I'm waiting for is simply the weekly chart to turn into a negative trending territory for a longer term trade.
For a shorter term trade the daily chart we possibly has an entry right now as the bears came in and broke the trend and now we have come back and retested.
Good luck
Muchos Gracias