The overall market has been extremely bullish in the later part of 2020, however, MACD bearish divergence is starting to present.
I'm thinking that this suggests that the trend may slow leading into 2021 or a bearish move is on the cards at some point. Will watch closely.
A similar divergence persisted in 2019 and into early 2020 which resulted in the bearish...
The broad ASX All Ordinaries Index (XAO), since the beginning of November 2020, shows the underperformance of previously overperforming Midcap (XMD) sectors of Information Technology (XIJ - note particularly the high flyer Afterpay APT) - and Mining (XMM) to a lesser extent.
Been speaking about this Index Heavily, this movement is to be expected & I’ll explain why.
- This Demand Zone that we are moving through today was a 4H Demand Zone, it was Low Quality, meaning there is levels underneath it that are formed on Market Pivots, which yield Higher Quality Demand Zones
- There are a number of Levels in the way of the Main Demand Zone...
- A move the next Demand Zone is on the cards, most of the indicators are pointing in this direction - Notably our home grown Indicator Steamroller
- After this a move to the 50 Fibs - Which lines up with liquidity on the left as shown by the white line
- This would complete a H&S scenario and could see us close the GAP and move to around that lower Demand Zone.
Topping up here
- Trend line support
- 20EMA daily
- Ascending triangle
- RSI relatively oversold
- Short term resistance at 0.6 show by high volume. Good place to take some profits if you intend to.
- Recent earnings and 50% loss in operating revenue. However, the earnings reaction was neutral which shows strong hands holding this.
- If negative...
- FinTech Revolution (WZR left behind while the punters bet on BNPL)
- Loan origination spikes 48% in June 2020. Consistent uptrend
- Wisr Ecosystem up 52%
- 42.4 Million in Cash
- Great vision: Improve financial wellness in Australians.
- Strong support from NAB
- Good management team including CEO Anthony Nantes
- Cool name and logo ( It’s vital for long...
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.
Tested 0.618 Fib and top resistance of downward wedge.
All other major banks NAB. CBA and WBC to follow.
RSI is still relatively high.
1st entry at 18 and will average down to 17 if it falls further.
First entry at the start of an uptrend which most likely gets back tested.
ANZ will most likely hold 17.65 level(GFC bottom)
XAO just reached 0.618 retracement of primary wave 1 down and completed the counting of five waves for the completion of intermediate wave C. For higher confirmation a move below 5,600 would almost eliminate the contrary odds. The next move should be in direction to levels below 4,500. If prices continue to rise a next target would be 6687, before the trend turns...
Keeping it really simple here since deep research and analysis are meaningless in this market.
Historically strong trendline support
Accumulation within the range, on strong support
Long term moving average support 200EMA
Can't ask for more technicals in check.
The current market is underweight healthcare as economies are reopening....
XAO is tracing minute wave v, which is the last leg that will complete intermediate wave C and also primary wave 2. The most probable target for the end of this move is at 6,202. After this price should decline during primary wave 3 down to new lows. If price crosses down 5,700, the odds are that primary wave 3 has already started. FOLLOW SKYLINEPRO TO GET UPDATES.
Quick update on XAO and the broader Aussie market.
It seems that insanity is the path of least resistance and the major index is set to target the 61.8% fib level, around the 6,200 level.
This measured move higher from the bull flag would als coincide with the 61.8% fib level.
America situation and Hongkong situation make people worry reactively. Money come to a relatively safe place Australia, Will people invest those money into stock market?
Anyway, the market need a rest for some kind.