Expecting a rally soon..however play it safe as there is a potential cypher up around 5880 where we may see some small or large sell off.
There is multiple areas showing confluence with an:
- AB=CD Pattern
- Advanced pattern
- Fibonacci ratio confluence on the retracement and extension levels
- Price is also at a structure level where price has held and...
Australia main index looks ready for further gains.
Technically,
A double bottom formation at the long term rising trend which was completed on breakout above the neckline at 5610.
Bullish divergence on Momentum
Breakout back above the two mean averages (50 and 200)
Major bullish pin bar on the weekly chart
Generally this is a guideline for the setup,...
Continued weakness in the ASX200 after reaching high of 5,980 level. Support being seen at the 5,433 level + RSI divergence. Given the weak economic backdrop, I see this more as a potential bounce which could reach 5,688.
Target Entry 5,433, SL @ 5,380, TP @ 5,648.
Reasons:
- RSI Divergence
- Potential Wedge completion
- Favorable risk/reward ratio
Retesting the key resistance area, watch out for a breakout or a reversal. A breakout would confirm a possible short term bottom and a retest of highs.
Good luck
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Technician
The AU200 is in a daily up trend and is making a correction to the lower trend line . A nice bear flag on 60 mins . Selling the break out for a target to the 270 fib.
The long and choppy wave 2 could justify the 0.236 retracement for the position of wave 4. Nevertheless, the bull market in the long term for Australia is not yet over in my personal opinion.
Cases for the bull market:
1) Wave 1 equals wave 3. This can take 3 possibilities.
Firstly, wave 1 and 3 are just wave A and C of a major wave 1, which suggests we may...
The index has broken the 50-days average and the rising support for the ascending triangle formation shown on chart. I think we will get a retest of 5740/50 support area. Also negative divergence on stochastic.
CCI - Drifting from overbought back into the channel indicating reduced upward momentum.
MACD - Look at the MACD crossover from relatively high level. A very powerful signal on a daily chart.
DeMarker - Moving from overbought falling firmly into the channel.
RSI - Bearish divergence.
Linear Regression - Bouncing off the top of the channel. Also powerful...
The AUS200 has broken above a previous resistance area and looks to be slowing down and should pull back to re-test that resistance area, thus giving a nice little short opportunity. Also the S&P500 appears to have bounced off a channel which also adds to the likelihood of the AUS200 retracing for a little while.
Long term trend: Up
Medium term trend: Up
Significant levels: 5670 (Horizontal Support), 5930 (Horizontal Resistance), Uptrend line
The market broke two significant levels, namely the 5490 and 5670 price levels. The slope of the trend line is so steep, which indicates that bulls were in control. Probably the price will reach the resistance area before making a...
Long term trend: Up
Medium term trend: Sideways
Significant levels: 5490 (Horizontal Resistance), 5370 (Horizontal Support)
We can see in the chart that the price has been moving sideways. There is no clear direction where the market wants to go. As of writing, the price is rejecting the resistance area, which also indicates that the "sideways" trend is still...
Long term trend: Up
Medium term trend: Up
Significant levels: 5490 (Horizontal Resistance), 5370 (Horizontal Support)
There is no clear trend here right now. This market has been going up and down these past few months. There is no definite range either, but as we are bullish on this market, we are looking for the price to continue to go up in the near...
The weekly chart here Not fantastically bullish, but it isn't bearish either.
On the daily chart, yesterday the impulse turned green after a double bottom. However, the entry was done way too late, because the long signal was on the 17th. Stop below yesterdays candle.
