XJO ASX200, close above 20 MA (weekly) to be bullish again
The retracement that I was waiting for came this week and we went down fast and hard.
This has made me more bearish than before in the short term.
We could see an "exit pump" in the next few trading sessions by big investors/institutions and have the price level jump back toward the 20 moving average before going down further like the past. Therefore, for me to turn bullish on the Australia market again, I need to see the price level close above the 20 moving average on the weekly. "Green line" (around 6900-7000).
If we break the 50 MA yellow line:
-I will close all my open positions
-Be out of the market
-so I can buy great companies at a discount once this is over.
-I will be watching that box around 6300-6400 as the first level of support.
#cashisking. #warrenbuffet #valueinvesting
This has made me more bearish than before in the short term.
We could see an "exit pump" in the next few trading sessions by big investors/institutions and have the price level jump back toward the 20 moving average before going down further like the past. Therefore, for me to turn bullish on the Australia market again, I need to see the price level close above the 20 moving average on the weekly. "Green line" (around 6900-7000).
If we break the 50 MA yellow line:
-I will close all my open positions
-Be out of the market
-so I can buy great companies at a discount once this is over.
-I will be watching that box around 6300-6400 as the first level of support.
#cashisking. #warrenbuffet #valueinvesting
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