AU200
Updated
Welcome to this analysis on AU200.
Australian stocks have been in a bullish trend since March.
Looking at the 12HR chart, It looks like it just broke out of a month-long symmetrical triangle consolidation which should act as a continuation pattern in this case.
The target of the pattern is around 6380$ as long as the price holds above the support of the pattern.
There is a long term horizontal resistance and an Order Block around the target zone in the 6300$ to 6400$ which has confluence with the patterns target. The price can get to those levels as long as it stays above 5900$.
This trade idea has 4.5 Rewards to the Risk ratio.
Good luck trading.
Australian stocks have been in a bullish trend since March.
Looking at the 12HR chart, It looks like it just broke out of a month-long symmetrical triangle consolidation which should act as a continuation pattern in this case.
The target of the pattern is around 6380$ as long as the price holds above the support of the pattern.
There is a long term horizontal resistance and an Order Block around the target zone in the 6300$ to 6400$ which has confluence with the patterns target. The price can get to those levels as long as it stays above 5900$.
This trade idea has 4.5 Rewards to the Risk ratio.
Good luck trading.
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it has been chopping around and pulled back quite deep but the trade idea is still valid as far as it is not technically invalidated yet. It looks like it has made a double bottom reversal pattern now, it should be good for continuation to the upside.
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the double bottom played out perfectly.Note
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looking at the bigger picture it seems like the patterns have morphed into a bigger symmetrical triangle with a target of around 6580$. I would like to see the volume increase as the price is going up to confirm the pattern.
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still playing inside the bigger triangle. looks like its ready to break out. volume has dried up and it is almost at the end of the triangle. I would like to see the volume increase as price breaks above the triangle.Note
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broke out of the pattern, I would like to see the price rise with high volume from here to confirm a trending move.Note
the first target of the original triangle got hit.
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