AUS200 in Bullish TrendI have been monitoring this index for quite a while. It made a bearish flag on an hourly chart. There was a bullish divergence which propelled the chart to get bullish which resulted in the formation of a bearish flag. I was waiting for a breakout of a bearish flag to put a short trade for the index but the breakout turned out to be a false one. The trend is bullish now and I have marked a key support level. I have now placed a pending order of Buy Limit by using FIB. No divergence is noted on the current trend.
The Signal is:
EP: 7828.22
SL: 7765.61
TP: 7890.83
RR: 0.5%