Monthly chart for the ASX (Australian market)
Green ovals show the clear bull rejections along the major trendline which has been recently tested and is breaking out to the upside
I have labelled the chart patterns - I am unsure however if the 'Symmetrical triangles' are really that or Rising Wedges, so take that with a grain of salt
According to The Australian Bureau of Statistics' data, there are two scenarios for the stock of ASX Limited's trend. The first scenario is more recommended than the second one, which depends on the negative news about the change in the employment rate, and it is more likely to make the stock fall to break the first support line 84.22 and reach the second support...
An idea for ASX
if price continues in the fashion it has shown
ASX is the Australian market
I am not currently in any positions on ASX
This is a monthly timeframe, timestamp!
Price has broken down from this curved structure
Although it is still within a larger channel
I feel this channel wont hold and a further breakdown will ensue
We will see
We have witnessed a superb rally over the years since the start of 2009, but at current levels it seems that ASX may have already started to rollover for a deeper pullback.
1. It seems that it has already made a High in October 2020 and since it was very overbought, the price action since the last 4-5 months have been bearish and it has become toppy.
2. We can...
It looks the ASX is going to close the month below the neckline, Gold prices looking strong with equity's looking weak. Just my opinion but another feather in the cap of GOLD/SILVER. I am being very cautious in the market now. My main hold is in Miners at this point
The ASX has hit the bearish market hard in march 2020. It was able to recover in a matter of months. Most markets take a long time to recover. The ASX was able to hit the resistance line.
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Sun Tzu Art of War :
You can be sure of succeeding in your attacks if you only attack places which are undefended. #
Typically, at least half of Australia's barely exports would be bound for China............
The tariffs, based on dumping and farm subsidy claims, would end Australia's $1.5 billion barley trade to China......
Barley is...
Idea for ASX
Multiple ascending scallops
using fibonacci spiral for a support which is also a .236 retracement from the top formed
I've made a few ASX ideas lately but i'm Australian so i feel it suits.
This is a very long term chart!
ASX Ltd. engages in operating a securities exchange. Its products and services include listing and issuer services; trading venue; clearing and settlement activities; exchange-traded and over-the-counter products; and information and technical services. The company was founded in April 1987 and is headquartered in Sydney, Australia.
ASX
