XJO ASX 200 - Taking a breather at 6000 XJO ASX 200 - Taking a breather at 6000 -
Top of trend channel
Rejecting 200 SMA
Hitting 61.8 Fib retracement level
Indicators looking to start turning down towards cycle low
Asx200
The trend is your friend, Go Long until this breaks $XJO ASX200The trend is your friend,
Our stock market dropped because we hit the top of this regression channel again.
Yesterday, I said I am expecting a pullback back to 5700-5800. It happened.
I am staying bullish until this channel fails.
ANZ entry sub 18Tested 0.618 Fib and top resistance of downward wedge.
All other major banks NAB. CBA and WBC to follow.
RSI is still relatively high.
1st entry at 18 and will average down to 17 if it falls further.
First entry at the start of an uptrend which most likely gets back tested.
RSI<40
ANZ will most likely hold 17.65 level(GFC bottom)
Risk Management - TD Red 9 (Sell Signal) 2 Day Chart ASX200 $XJOThe TD Sequential indicator is showing a red TD 9 (Sell Signal) and the RSI is showing the market is overbought and is due for a pullback.
This is a healthy pullback, as long as ASX200 can stay above 5700 (5800* even better), I am expecting ASX200 to break out and keep going higher 6200+.
Northern Star Exit pointIt has been a tremendous run for NST 11 years or so but now could be a turning point even if thats short lived.
Points in case:
Double Top
priced closed below 20 Moving average
10 EMA BELOW 20 EMA
2-3day Stochastic RSI in a downward direction
See how this goes. This is based on how I read the charts
How Much further can the ASX200 GO UP?We are priced in the area where I felt the ASX200 would hit.
The daily chart showing RSI & StochRSI overbought. Yesterday and today the ASX200 touched the top of the Linear Regression. This is very crucial as the direction is down, it needs to close above it for a few days to have any chance of turning up longer term. But we are hitting resistance every move up it is making. It will be massive if that happens.
If we look at the weekly chart 6325 is the mid-line, a weekly close above that and the Covid-19 drop will be over.
Please note: The Treasurer has announce we are in recession, but technically that would be at the end of the month. Generally the Markets Bottom when recession is confirmed. But the question remains are we heading far worse?
FPH accumulation within the zone with trendline supportKeeping it really simple here since deep research and analysis are meaningless in this market.
Historically strong trendline support
Accumulation within the range, on strong support
Long term moving average support 200EMA
MACD oversold
RSI oversold
Can't ask for more technicals in check.
The current market is underweight healthcare as economies are reopening. Regardless, FPH is a solid company with good fundamentals(if they matter anymore)
The #steepening continuesSome thoughts on the S&P/ASX200 (XJO) for any Aussies out there. Looking at the daily chart. 1) Price and RSI trends seem to be intact currently (would take a big fall to break today). 2) MACD working on but has not confirmed a bearish divergence 3) Willy overbought 4) We are about 5% away from the 200sma. I recon this will act like a magnet to pull the XJO higher, but then once we reach it, I recon we'll see some resistance. Could that then turn to support? Only time will tell.
AUS200| SELL TRADE📉| INTRADAY SCALP| VWAP FADE🚨Hypothetical scenario:
(1) Entry @ 6019.0 (Sell LMT )
(2) Stop Loss @ 6029.0 | 10 points
(3) Target @ 5990.5 | 28.5 pips
(4) R:R = 1:2.85
Stay tuned for the updates.
Follow and leave a like if you liked this idea and want to see more!
*DISCLAIMER*
This post is solely for educational purposes and does not constitute any form of investment / trading advice.
Car Sales - Ascending Triangle - BullishHigh probabilty trade here with 15% + upside. On the technical side the chart is showing a bullish ascending triangle, whilst on the fundamental side management have put in place strategic cost cutting measures. Should be some tailwinds as well once the lockdown eases.
$SGR.ASX needs to break out from this level.$SGR.ASX
The Star Entertainment Group is engages in the management of integrated resorts with Gaming, entertainment and hospitality services.
it operates through the following business segments in Sydney, Gold coast and Brisbane.
Market Cap : 2.509B
Total Shares Outstanding : 915.613M
Price to Earning Ratio : 21.1679
Long Term Investing - Here is a buy setup in CSL $CSLOnce again, CSL has retraced back to the 50 weekly moving average after a recent high.
In the past, the 50 moving average has become an excellent accumulation zone for investors.
Could we see history repeating itself here?
Elliott Wave View: Rally in ASX 200 (XJO) Should ExtendAfter forming the low on 3.23.2020 low, ASX 200 (XJO) starts a new leg higher. Short term Elliott Wave chart below suggests that the rally from 3.23.2020 low is unfolding as a 5 waves impulsive Elliott Wave structure. Up from 3.23.2020 low, wave ((1)) ended at 5563.6 and pullback in wave ((2)) ended at 5100.7. Index then resumes higher in wave ((3)) and shows a nest. Up from wave ((2)) low at 5100.7, wave (1) ended at 5549.1 and dips to 5169.6 ended wave (2). Wave (3) is currently in progress as another 5 waves of lesser degree.
Up from wave (2) low at 5169.6, wave 1 ended at 5489.5 and dips to 5303.3 ended wave 2. Index then resumes higher in wave 3 towards 5922. Expect wave 4 pullback to find support in 3, 7, or 11 swing before the next leg higher. As far as pivot at 5300.3 low stays intact, expect the Index to extend higher. Potential minimum target for the Index is 100% – 123.6% Fibonacci extension from 3.23.2020 low towards 6268 – 6545.
Long Term Investing - Here is a buy setup in Woolworths $WOW Once again, Woolworths is at the 200 moving average on the 2 Day chart with a buy signal activated on the MACD indicator (Top of chart).
The last two times this has provided a great buying opportunity for long term investors. Could history repeat itself?
I am not holding $WOW and I will wait for confirmation to add $WOW to my portfolio.
For me, the confirmation is when we can break with a strong buying volume and close above the GREEN line.
In contrast, when Woolworths drop and close below the purple line then this buy setup is NOT ACTIVATED.
$APT.ASX Short Set up$APT.ASX Short Set up
Nice Morning Star Doji on daily chart : Confirmed
Broken Trend line : Not confrimed yet
Stock overbought : Confrimed
if the stock breaks that trend line then short it for towards the first target
Stock to Watch & buy setup in A2 Milk $A2MI am adding A2 Milk $A2M to my watchlist because of a potential bull flag break out in the coming days or week.
If $XJO continues to go higher, this would increase the chances of an upward breakout.
ASX 200 XJO long term outlook bearishASX:XJO
Has broken below the 10 year channel. Will most likely retest the channel and then down towards the primary trend.
AUD/NZD: Correlations confirm wedge breakout?Part 1/2:
Hi traders, the New Zealand stock market has been performing quite well compared to the Australian ASX 200, pointing at a lower AUD/NZD for some time.
Interest rates are still neutral. Technical picture and other important analysis points follow in the next post.
Here is a buy setp in TPG Telecom $TPM TPG broke out of the triangle and a confirmed double bottom.
The price is above all moving averages and now acting as support.
MACD, RSI and DMI are looking good as well.
I went long this morning with a stop loss just below the 200-day moving average (red line)
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TPG Telecom Limited is an Australian telecommunications and IT company that specialises in consumer and business internet services as well as mobile telephone services. As of August 2015, TPG is the second largest internet service provider in Australia and is the largest mobile virtual network operator.
ASX Fluff Has Pushed A Little Higher. Above ConsolidationMid week trading and the ASX has pumped a little above the consolidation fluff I wrote about for the last 28 days which is actually just good to see some movement in a direction. For strength this market needs to get up to the previous high market to have full confidence that things are changing. Aussie markets to get sucked up with USA confidence. Still dribble IMO unless a more dominant p…u…s…h.…
Also watch out for the battle zone starting at R1: 5624.5 and above…
📈Support & Resistance📉*
Support Levels
1st Support Zone: 5482.9
2nd Support Zone: 5283.0
3rd Support Zone: 4887.9
Resistance Levels:
1st Resistance Zone: 5624.5
2nd Resistance Zone: 5723.3
3rd Resistance Zone: 5943.8
Price Level Consideration
ATH: 7208.2
All Time High Half Way Point: 3604.1
Previous High: 5568.6
Previous Low: 4392.7
🐃 Bulls Verse Bears 🐻
🐃 Bullish above: 6880.9
🐻 Bearish below: 5397.8
Monthly & Weekly Opens
Monthly Open: 5520.6
Weekly Open: 5403.6
AUD/NZD: Correlations updatePart 2:
Here's the correlation chart for AUD/NZD. Interest rate differentials pretty much match the current spot price, so it's the Australian vs New Zealand stock market ratio that we're focusing on (blue line)
The chart shows a strong divergence between the exchange rate and the AU/NZ stock markets, which hints at the possibility of a stronger NZD in the coming period.
