So the last 3 months we have stalled around and up to 6150 it's obviously an important area but it's actually a VERY important area, the reason why we've had such a hard time getting through is not only due to the .618 Fib level but also we have a convergence of the 200 day MA and the 200 week MA, hence why we have stalled from a technical viewpoint, the outcome...
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...
ASX 200 Index is expected to test 6046.70 Tuesday's trades following the rise of US major Indices in Monday's session.
Major support is at 5998.40 and resistance at 6046.70, 6077.60, 6094.60, and 6126.55
Northern Star, one of my favorite Gold stocks to invest in.
I'll be looking to add more on the dip because we can see an ascending triangle forming on the weekly chart.
Due to the current economic situations (COVID 19 and Gold prices going up),
another breakout could be on its way and $NST could set a new all-time high in July or August.
Overall XJO pullback to trend channel and 50% Fib complete, looking for upside bounce soon. indicators turning up from right on the 34EMA.
Let''s look to see where the US markets head and take us and hopefully we can hold this zone.
Resmed looking good using the Heikin Ashi candles.
Technical Indicators such as TD Sequential, MACD, RSI, and the Squeeze are showing positive signals for further upside and potential breakout.
The pulse signal (red dots) on the squeeze indicator is telling us a big move is coming. While the MACD indicator is about to cross and provide a buy signal. ...
Entry - 0.735
Government stimulus favouring the property market in Australia. Overall optimistic sentiment due to better crisis control.
RSI in mid-range but relatively overbought
Classic Dow theory: Trendline support
1. Expecting sideways movement next week and a breakout either way--> Tight stop loss
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.
For those that use the "Fib Speed Resistance Fan", our XJO hit 0.25 and retraced.
Could we retrace back to the 0.382 in the coming days/weeks?
Also, I wish I have found this earlier!! This has correctly forecasted the support line during the March lows.
Furthermore, a good entry point for investing in the long term is when the " William R" is below the yellow...
The trend is your friend,
Our stock market dropped because we hit the top of this regression channel again.
Yesterday, I said I am expecting a pullback back to 5700-5800. It happened.
I am staying bullish until this channel fails.
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)
The TD Sequential indicator is showing a red TD 9 (Sell Signal) and the RSI is showing the market is overbought and is due for a pullback.
This is a healthy pullback, as long as ASX200 can stay above 5700 (5800* even better), I am expecting ASX200 to break out and keep going higher 6200+.
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....
Some thoughts on the S&P/ASX200 (XJO) for any Aussies out there. Looking at the daily chart. 1) Price and RSI trends seem to be intact currently (would take a big fall to break today). 2) MACD working on but has not confirmed a bearish divergence 3) Willy overbought 4) We are about 5% away from the 200sma. I recon this will act like a magnet to pull the XJO...
Once again, CSL has retraced back to the 50 weekly moving average after a recent high.
In the past, the 50 moving average has become an excellent accumulation zone for investors.
Could we see history repeating itself here?