The Index had a head start in yesterday's session after bouncing off at 5200 and breaching 5244 and 5288 resistance before closing the session at 5318. These are my estimates to the upside if it holds above 5244. Target 1 - 5365 Target 2 - 5484 Target 3 - 5530
ASX200 Daily fails twice to clear 38.2% Fib Retracement. Also, only completed 1 of three parts of 1-2-3 trend reversal requirement. Time will tell if the 2 and 3 will be completed.
As we can see, we don't have a really clear entry yet, but anyway we will wait for it! if this wedge decides to break for downside we will wait the retest in the demand zone to make the best entry, the same in the topside so be focused and put some alarms in the both possibilities
Bear Flag break down. Parabolic Sar of this dead cat bounce has flipped to sell. Momentum on Stoch RSI flipped downwards. SELL.
I haven't seen anyone else post it so thought I'd give it a go, the rising wedge pattern is a common formation in bear markets, the closer price moves within the formation to the apex point, the more likely a breakdown will occur and we are close this point as seen in the chart... We have been respecting this pattern really since the start of the rally which...
XJO - We have what looks like a classic elliott wave correction taking place. At this point in time an XJO Elliott wave ABC correction is a higher probability than a V shape recovery. Will this play out, I have no idea.
A beautiful bear flag is forming. There is potential for a bit more upside over the coming week to about 5600 before we break the flag and start towards our target of 2350; a level not seen since 1996. Clearly way over bought on the daily and the super guppy has gone red.
outlined are major S/R levels, I am looking for a "dead cat bounce play if the down side momentum can reverse from this level over the next few weeks. I would like to see either two scenarios play out rejection at 5980 or consolidation above 5980. Currently looking for longs if we can find a trend to the upside as a relief rally, entering short from this level is...
S1 looking for either break up ("dead cat bounce") or break down at this level, if the XJO rallies and has a Rejection at 5980 FLT is a short and will be in trouble. Or if we break S1 i'll be playing short till S2 as FLT has all the Fundamentals against it at this point of time.
Half position short on at 18.47 Overall market (XJO, DJI and SPX is now closing daily candles red) We also have global bad news catalyst of covid19 out break in the US I see next weeks trading session as a short, as confidence in this overall market rally should weaken. APT hit a daily exhaustion after a solid rally, I am now playing this as a "dead cat...
XJO - The short term uptrend is fading away and could head back to the red zone if it falls below the price channel. Critical support is at around 4870.00
A newbie thought on which directions XJO would take next week ... 1. retraces to 4992.2 to level with left shoulder 2. rise to complete (B) wave to 6165.3 (Fib 0.618 level) distance equals top shoulder to neckline & probably just under 55 days SMA level 3. going down to complete (C) wave to probably Fib 1.618 level of 2930 any pro tips welcomed :) & Stay Safe !
We have gone up 20%+ since 23 March, this is likely to be an oversold bounce or "dead cat bounce" in technical terms. Since 90% of Shops are still close, Corona Virus is still in the headlines around the world and death rates are not showing signs of slowing down. Therefore, it is very unlike that the bottom is in and we are exiting this bear market in the...
This rally has seen us nearly technically enter a bull market. The computers are out of control. I expect the 50 EMA to act as major resistance. High probability & a good time to sell some positions in longer term portfolios.
ASX 200 index (daily) testing resistance at the 20-day MA
Higher timeframe charts show the momentum supporting for the uptrend and overall market seems for now bullish. Stock markets doing well around globally at the starting day of the week. This might be something to do with cheaper fiat currencies around the globe making it easier to spend cash on buying stocks.
The COVID-19 pandemic has spurred on a catastrophic 39% decline over 5 weeks in the ASX200 . Right now we're seeing the beginning of a bullish retracement as negative sentiments start to ease globally. But with most market crashes historically, nothing ever falls in a straight line. There are always retracements in a down market, otherwise known as dead cat...
The market looks like in complete meltdown, but for the short term the market is due for a bounce. 38% drop from peak to trough. Indicators: RSI, BFI, StochRSI overdone Though StochRSI still showing time for more downturn. So looking at a 2 week timeframe for that bounce which should be about 20%. But the weekly moving averages lets us know we are at the...