Asx200
TLG confirms change of directionOne of the most anticipated companies on the ASX with technology to held EV's has just confirmed it's bottom @ $0.37.
The price has closed above both the bollinger band and Linear regression. More specifically the Linear regression is in a downward projection and for the candle to be out of it confirms that a change of direction on the larger scale of things.
In the short term expect the price to touch $0.49 which is where the 61.8% fib line is.
This information is based on my opinion of how I read the market.
looking for a short FNP looks way overextended on daily, it gain just over 10% yesterday without any news. Look for a potential short, my trading range will be between $5.96 and $5.65.
Happy Trading
Australian SP200 looking for a drop. ie: short AustraliaPitchforks are handy for predicting future trend directions. The longer term has been directed by that big upward facing pitchfork over the last few years, but I have a feeling once this upper resistance level is hitexpect to see some serious headwinds. Aussie bond yields are dropping like rocks at the moment and the currency is failing against all peers. Plus every Hedgefund manager and his dog are lining up to short the Aussie housing market which is at levels that no other part of the world is experienceing. In terms of commodities, of which Australia’s economy is made up of the exports thereof, all are dropping except for the one that is most crucial; iron ore. However, I cant see how the price of this can remain high for too much longer. If a drop happens there expect a rough landing for Australia; if im not mistaken about 40% of Australia’s economy is based on iron ore exports to china, and a further 30% of the economy after that is the housing market.
So looking back at the technicals, if this peak is not to turn into support, I’m tipping a drop and then a fall in line with that smaller pitchfork. Trade accordingly.
Short Z1P Did well with my short play on Z1P, gap up nicely then fail to pass $5.37. Got in at $5.34 with a stop at $5.39 with 1,500 shares. Reduce my position at 1 R by 30% then got out the rest at $5.26, quick scalp play to the downside.
I like to calculate the stocks Standard Deviation of 1 year data, hence why $5.37 is a key level.
Buy DCNOn the Daily it has formed a nice higher high pattern and it looks good for a break out trade, looking for buys above $1.56
Short WORLast Night oil prices drop 3.1% just due to trade war concerns, this is why I'm looking into WOR. On the TA side, the weekly prices are below the 13 and 50 ema with the confirmation on the MACD as well. The daily price it looks like it got rejected by the 50 EMA with the confirmation on the Stoch. Looking for quick scalp below $13.37.