Although, a bullish divergence has formed on the RSI. There is strong resistance on R1 and good support on S1 which is keeping the movement within the range. We may set pending orders for buy and sell stop and on trigger manage the trade accordingly.
I see this going in bullish direction, really want to see some volume moves come up in the coming days of this week. Currently all commodities such as gold, iron ore are up pointing to a strong indicator of bullish sentiment. Waiting to see what price action does next.
Hey Traders,
In this quick video I touch on why we looked short and how to trade the rebound amongst brought together MA's and early support.
This comes within current somewhat price channel.
Trade light.
Charting is really in the eyes of beholder, there is no fix rule to say how the price must comform to our opinions/preferences.
1. i will start the charting with a channel where the past 3 years of price movement being localizing around the MEDIAN line of the channel.
This charting is so macro that whatever event in the past and future have been factored in
I...
ASX200 - 24h expiry
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible.
We are trading at overbought extremes.
A lower correction is expected.
The bias is still for higher levels and we look for any dips to be limited.
We therefore, prefer to fade into the dip with a tight stop in anticipation of a move back...
after trend shift and making a LH,
confirming a red engulfing candle
and inverted hammer,
taking a sell entry,
SL: 7386.5
EP: 7342
TP01: 7297
TP02: 7252
I normally wouldn't trade this instrument, but as I was watching a trading program they had mentioned and shown this chart as a potential sell setup. I decided to pull the chart up and analyze it and before you know it, I was planning my short position.
Initially, resistance had been initiated by a shooting star candle on March 7 of this year and then was tested...
A look at the price action for the Australian ASX200 Index.
The recent price action has been very choppy and directionless leaving both bulls and bears scratching their heads. I expect that this uncertain theme will continue in the short term with the mid to longer term action largely range bound.
In the short term, I expect to see a swing lower and if recent...
A new day .. new analysis .. right?
Today we look at ASX, which is in the Australian market index.
Price was moving inside his trading range, but recently, there has been a strong candle in the downward movement.
Look how easily the price is coming down but going up takes some time.
Now the price broke the support, but we are in the sold area in RSI .. so the...
Australian shares are set to open marginally higher on Tuesday, likely boosted by gold and mining stocks on the back of strong underlying prices, while investors exercised caution ahead of a key U.S. inflation reading later in the week.
The local share price index futures (YAPcm1) rose 0.6%, a 2.0-point premium to the underlying S&P/ASX 200 index
XJO
close. The...
ASX200 - 24h expiry
Buying pressure from resulted in prices rejecting the dip.
The current move higher is expected to continue.
Short term bias has turned negative.
We therefore, prefer to fade into the rally with a tight stop in anticipation of a move back lower.
Further downside is expected although we prefer to sell into rallies close to the 7190 level....
ASX:XJO
Week Ending - 23 rd June The tail end of last week saw a steep decline in the Australian market.
We might see some short term rebounds before further falls next week and through July.
The ASX 200 suffered its worst day in 10-week on the final day of May, thanks to weak China PMIs and month-end flows. The first day of June posted a very minor (almost sheepish) gain, but with a positive lead from Wall Street and SPI futures higher by ~0.66% overnight, the ASX is expected to extend its rise from the lows.
The fact that the lows formed around a...
