XJO Breakout and scale inMonths of consolidation on the 1d/4hr xjo breaking Apr 6. missed opportunity to go long and add. There was a lot of bearish talk recently but here you go the xjo is moving up for now. see if the weekly chart follows. interesting to note the US E-Mini broke roughly 5 days earlier on the daily. Stalking a few setups within the index so we'll see what happens
S&P/ASX 200
Stocks to watch for March (Buy) BKL Blackmores The chart pattern is showing a "cup n handle" or inverse head and shoulders as well,
go long if we can breakout of this resistance $83.80
More on cup n handle pattern.
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XJO range boundThe XJO has had a weak bounce compared to its big brother the S&P, its now consolidating ready for its next move a potential double top I have been in and out short on this one and with all the government stimulus I have played this one wrong. Maybe I should have focus my shorts on the Aussie banks and flipped the XJO as a long.
As 1.9T of stimulus rolls out in the US economy and if the market deicides to play drunk and push the S&P higher we should see a nice rally on the XJO making new highs.
6260 would be an invalidation and you should then look for shorts.
Bearish on XJOWhile noting a flatline on the candlesticks with a dropping momentum, we are inclined to believe that the Aussie fund will drop down. Currently we are looking at 65k, 64k, 63k projected levels. Fractally, it looks we are just due for a bit of a pullback anyway. Fractal analysis is not just a science, but a whole artform as well.
Go Long on Elders ASX $ELDWe saw a nice breakout for Elders on Friday,
however, the stock price failed to break the moving average.
If we close above it next week it will be a buy signal for me.
MACD, RSI, and DMI are bullish and the stock would more likely to go up from this breakout.
Similarly, the Lucid Sar ( AKA Parabolic SAR) is showing a change in direction as well." Downtrend to an uptrend ".
Go long - 10.82
Stop loss - 9.60
#1 Price target - 12.06
Lastly, if you switch to the weekly for Elders ASX, there was a TD 9.
XJO slips below critical support levels at 6522.55The November run ended just below the 6522.55 support level after reaching the 6680.95 resistance level.
The Index could fall to the bottom of the price channel around 6443.30 if it fails to hold above 6522.55.
Critical support levels are estimated at 6443.35, 6364.00, 6284.95, and 6205.75
Risk Management - TD 9 (2 Day Chart) ASX200 $XJO We could see a pullback this week,
RSI are showing overbought, MACD and DMI are showing buyers are slowing down and seller are starting to take profits.
Last week, We failed to break 6713 and had a shooting star candle.
Therefore, if I was shorting this index, that's my stop loss area.