The Australian stock market (AXJO) is currently rising after a strong pull back that took place in July. This rejection happened because the market reached its All Time Highs of October 2007. Despite the rather strong selling manner in which it was conducted, we believe that this sell sequence is not over yet and a stronger correction is needed. The reason for...
Previous break out of resistance is showing to be relatively strong. New resistance line is shown in green around 5354 with support at 5184 (blue line). If it breaks this support level, an extreme case would be a negative movement to 4893 (red line). If resistance is broken, we would see a much higher high of 2016.
Updating my previous entry that was based on the trend... It seems the support level may be rising and a potential break out of resistance levels. We'll have to wait and see, I'm not going to trade this for now. Clearly the market has been particularly strong the past few days....
I am a little bit confused here. I always thought that Bonds trade in different direction to indices. But as per the chart they seem to be going same way. Any inputs, anyone??
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...
This chart is a little confusing but I'm attempting to show two sets of evidence that build the case for a drop in the ASX200 of 160 points to the support of ~5368 as a minimum movement. The first set of information includes the blue arrows and the black resistance line at 58 points above the zero line on the MACD signal chart and the green text boxes. We can see...