> Following text book pattern of support, trendline and fibonacci sequence
> Long term uptrend
> Good pedigree
> If you believe in stock market this stock is contra to that theme...I treat it like a ETF with div play.
> Downside : not in momentum and will be long haul only.
> disc: Invested and adding more .Disc: sharing only for educational purposes...
On 26 August 2020,
$XJO was at 6161 and I said we will pull back to the moving averages and a big breakout will come...
The 2 day chart have shown us we have broke down to the down side.
This week, I said we need to close above 5836 on the weekly to stay bullish.
We did that.
However, it is not over yet.
The 2 day candlesticks DID NOT CLOSE this week ,...
From a technical point of view the RBL chart has a bullish ascending triangle breakout. From the Fundamental side the CV19 tailwinds are extreme for RBL with the online retail. Additionally, the most recent report highlight being sales of 26 million in masks, you would think that trend continues to grow for the forseeable.
We closed below the trend line last week,
can we get above it this week???
If we fail to do so, more selling will come and this could go for several days or weeks.
The RSI indicator is still showing a downtrend and if we close below last week's low this week, (5893)
it will trigger a sell signal with the TD sequential indicator.
Furthermore, the MACD indicator...
REA Technicals = high probability - I'm looking to enter on the ascending triangle breakout. REA Fundamentals = lower probability - major cv19 head winds are incoming, but, I'm thinking the market takes an educated punt that any further real estate weakness will be meet with larger incentives/stimulus. This will likely lead to a bullish REA share price.
WZR looks to be in a solid up trend and a bullish Triangle formation has presented. Additionally, WZR fundamentally likley has a number of opportunities to partner and jump on the back of the BNPL tail winds.
ASX:IPH The daily IPH share price has been in trading range since 17 April, 17 june IPH share breakout the key resistance level of $7.88 and closed at $7.98.
A pullbacks in IPH shares seen as buying opportunites.
Prediction target $8.72.
Finally, a pullback we've been waiting for.
XJO was running way too fast and pullbacks are healthy in the long term. The pullback came right at the 0.618 FIB level.
Tested the 200MA and will be interesting to see if we hold the 200MA next week.
RSI is still relatively overbought but as the pullback was so sharp, I expect a green day on 16/06/2020 Monday.
Ascending triangle formation in the TWE chart. High probabilty trade on the back of the market anticipating a positive close out of their class action dispute and potential market tailwinds with lockdowns easing. Waiting for the break out with bullish candle confirmation.
Looks to be a bullish ascending triangle formation in the BVS chart. High probabilty trade on the back of the possible macro changes in the Superannuation sector. Waiting for the break out with bullish candle confirmation
The bullish scenario here is the same as the Dow and Nasdaq.
The ASX is not as big but the same waves apply in this instant.
If we are in Green Wave 3 of Wave (C) then a break of the magenta line would be confirmation.