ASX short term bias remains positive.ASX200 - 24h expiry
Our short term bias remains positive.
Intraday dips continue to attract buyers and there is no clear indication that this sequence for trading is coming to an end.
Buying continued from the 78.6% pullback level of 8321.
We look to buy dips.
50 4hour EMA is at 8331.
We look to Buy at 8330 (stop at 8275)
Our profit targets will be 8495 and 8545
Resistance: 8386 / 8426 / 8500
Support: 8343 / 8300 / 8249
Risk Disclaimer
The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy.
Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
ASX
Bearish potential detected for NHCEntry conditions:
(i) lower share price for ASX:NHC along with swing of DMI indicator towards bearishness and RSI downwards, and
(ii) observing market reaction around the share price of $3.57 (open of 11th April).
Stop loss for the trade would be:
(i) above the high of the recent swing high once the trade is activated (currently $3.75 from the high of 19th May).
Bullish potential detected for ABGEntry conditions:
(i) higher share price for ASX:ABG along with swing up of indicators such as DMI/RSI.
Depending on risk tolerance, the stop loss for the trade would be:
(i) a close below the 50 day moving average (currently $1.148), or
(ii) below previous resistance (now support) of $1.14 from the open of 28th March, or
(iii) below previous support of $1.09 from the open of 9th April / 14th January.
Bearish potential detected for PDNEntry conditions:
(i) lower share price for ASX:PDN along with swing of DMI indicator towards bearishness and RSI downwards, and
(ii) close below the 50 day moving average (currently $5.91), and
(iii) observing market reaction around the share price of $5.72 (open of 28th March).
Stop loss for the trade would be:
(i) above the high of the recent swing high once the trade is activated (currently $6.35 from the high of 2nd May).
Bullish potential detected for NHFEntry conditions:
(i) higher share price for ASX:NHF along with swing up of indicators such as DMI/RSI.
Stop loss for the trade would be:
(i) below the support level from the open of 17th March (i.e.: below $6.41), or
(ii) below the support level from the open of 24th February (i.e.: below $6.30), depending on risk tolerance.
Bullish potential detected for RIOEntry conditions:
(i) higher share price for ASX:RIO along with swing up of indicators such as DMI/RSI.
Depending on risk tolerance, the stop loss for the trade would be:
(i) below the recent swing low of 14th May (i.e. $118.63), or
(ii) a close below the 200 day moving average (currently $116.88), or
(iii) a close below the 50 day moving average (currently $115.66).
Potential outside week and bullish potential for KCNEntry conditions:
(i) higher share price for ASX:KCN above the level of the potential outside week noted on 2nd May (i.e.: above the level of $1.825).
Stop loss for the trade would be:
(i) below the low of the outside week on 28th April (i.e.: below $1.54), should the trade activate.
Bullish potential detected for WPREntry conditions:
(i) higher share price for ASX:WPR along with swing up of indicators such as DMI/RSI.
Stop loss for the trade would be:
(i) a close below the 200 day moving average (currently $2.49), or
(ii) a close below the 50 day moving average (currently $2.42), or
(ii) below the support level from the open of 2nd January (i.e.: below $2.34), depending on risk tolerance.
Bullish potential detected for WOWEntry conditions:
(i) higher share price for ASX:WOW along with swing up of indicators such as DMI/RSI, and
(ii) observation of market reaction at the resistance level / volume profile area at $32.32 after closing above 200 day MA.
Stop loss for the trade would be, dependent on risk tolerance:
(i) a close below the 200 day moving average (currently $31.63), or
(ii) a close below the 50 day moving average (currently $30.17).
Bullish potential detected for RGNEntry conditions:
(i) higher share price for ASX:RGN along with swing up of indicators such as DMI/RSI, and
(ii) observation of market reaction at the potential resistance level at $2.23 (from the open of 10th April) after closing above 50 day and 200 day MAs.
Stop loss for the trade would be, dependent on risk tolerance:
(i) a close below the 50 day moving average (currently $2.11), or
(ii) below the support level from the open of 13th January (i.e.: below $2.06), or
(iii) below the support level from the open of 17th March (i.e.: below $2.03).
Bullish potential detected for BWPEntry conditions:
(i) higher share price for ASX:BWP along with swing up of indicators such as DMI/RSI.
Stop loss for the trade would be:
(i) a close below the 200 day moving average (currently $3.43), or
(ii) below the support level from the open of 28th November 2023 (i.e.: below $3.35), depending on risk tolerance.
Potential outside week and bullish potential for PRNEntry conditions:
(i) higher share price for ASX:PRN above the level of the potential outside week noted on 2nd May (i.e.: above the level of $1.38).
Stop loss for the trade would be:
(i) below the low of the outside week on 28th April (i.e.: below $1.29), should the trade activate.
Bullish potential detected for MTSEntry conditions:
(i) higher share price for ASX:MTS along with swing up of indicators such as DMI/RSI.
Stop loss for the trade would be:
(i) below the recent swing low of 6th May (i.e.: below $3.21), or
(ii) a close below the 50 day moving average (currently $3.16), or
(ii) below the support level from the open of 11th April (i.e.: below $3.12), depending on risk tolerance.
Bearish potential detected for NUFEntry conditions:
(i) lower share price for ASX:NUF along with swing up of the DMI indicators and swing down of the RSI indicator, and
(ii) observation of market reaction at the support level at $3.71 (from the open of 13th February) after closing below 50 day MA.
Stop loss for the trade would be, dependent of risk tolerance:
(i) above the resistance level from the open of 18th February (i.e.: above $3.87),
(ii) above the resistance level from the open of 19th March (i.e.: above $3.95), which coincides well with the 200 day MA.
Bearish potential detected for ABBEntry conditions:
(i) lower share price for ASX:ABB along with swing up of the DMI indicators and swing down of the RSI indicator, and
(ii) observation of market reaction at the support level at $3.80 (from the open of 6th February) after closing below 50 day MA.
Stop loss for the trade would be, dependent of risk tolerance:
(i) above the resistance level from the open of 28th February (i.e.: above $4.00),
(ii) above the resistance level from the open of 12th February (i.e.: above $4.08), or
(iii) above the resistance level from the open of 24th February (i.e.: above $4.17).
With Dow at Resistance, it Could be Make or Break for ASX 200The Dow Jones tends to share the strongest correlation with the ASX 200, out of the three Wall Street indices. It is therefore worth noting that Dow futures formed a bearish pinbar at trend resistance on Thursday, following an intraday false break of the March low. The daily RSI (2) was also overbought by the day’s close. The March 31 low also hovers nearby for additional resistance.
Given futures volumes were declining while Dow futures rose, I suspect a pullback is due.
ASX 200 futures formed a hanging man candle beneath the January high, near a weekly VPOC (volume point of control). The 200-day SMA also hovers nearby. A bearish divergence has also formed on the daily RSI (2). And like the Dow, volumes were declining while ASX prices rose.
Bears could fade into moves around the Jan low or 2000-day SMA with an initial target at the March high, a break beneath which assumes aa deeper pullback towards the 7939 VPOC and 7900 handle.
Matt Simpson, Market Analyst at City Index and Forex.com
ASX to find buyers at market price?ASX200 - 24h expiry
Our short term bias remains positive.
Intraday dips continue to attract buyers and there is no clear indication that this sequence for trading is coming to an end.
Dip buying offers good risk/reward.
20 4hour EMA is at 8086.
Risk/Reward would be poor to call a buy from current levels.
We look to Buy at 8090 (stop at 7995)
Our profit targets will be 8345 and 8395
Resistance: 8152 / 8200 / 8321
Support: 8080 / 8037 / 7900
Risk Disclaimer
The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy.
Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
Bullish potential detected for SSMEntry conditions:
(i) higher share price for ASX:SSM along with swing up of indicators such as DMI/RSI.
Stop loss for the trade would be:
(i) below the support level from the open of 13th March (i.e.: below $1.725), or
(ii) below the support level from the open of 26th February (i.e.: below $1.67), or
(ii) below the support level from the open of 7th April (i.e.: below $1.645), depending on risk tolerance.
Potential outside week and bullish potential for SPREntry conditions:
(i) higher share price for ASX:SPR above the level of the potential outside week noted on 28th March (i.e.: above the level of $1.955).
Stop loss for the trade would be:
(i) below the low of the outside week on 25th March (i.e.: below $1.685), should the trade activate.
ASX 200 Rallies into Resistance ClusterIt can be useful to monitor several renditions of the same market, in order to identify higher probability support and resistance levels. And I would personally argue this becomes the more important if one trades CFDs exclusively.
Today I am comparing the ASX 200 cash market (XJO) and ASX 200 futures market (SPI 200, or AP1!) alongside the forem.com AUS200 CFD.
All three markets are approaching a key resistance cluster around 8,000. Neither the cash market nor futures market has broken above 8,000 yet and have several resistance levels (including a 61.8% Fibonacci ratio while the March low and December high) remain unbreached. Also note that futures volumes have been declining while prices rise, which shows a lack of bullish initiation (and also points to a short-covering rally).
Therefore, my bias is to fade into moves on the AUS200 should it breach its own 8,000, with the short bias becoming invalidated with a break above the 61.8% Fib level.
Matt Simpson, Market Analyst at City Index and Forex.com
Bullish potential detected for INGEntry conditions:
(i) higher share price for ASX:ING along with swing up of indicators such as DMI/RSI, and
(ii) observation of market reaction at the resistance level at $3.30 (from the open of 18th February) after closing above 50 day and 200 day MAs.
Stop loss for the trade would be, dependent on risk tolerance:
(i) a close below the 200 day moving average (currently $3.22), or
(ii) below the support level from the open of 21st February (i.e.: below $3.19).