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Asx200

ASX - Limitedupside with Head and ShouldersOANDA:AU200AUD ASX200 - Intraday - We look to Sell at 6693 (stop at 6713) The dip was bought and the rally sold resulting in the market posting little net change. An overnight positive theme in Equities has led to a higher open this morning. A bearish Head and Shoulders is forming. Trend line resistance is located at 6708. The previous swing high is located at 6705. Bespoke resistance is located at 6993. The formation has a measured move target of 6460. Our profit targets will be 6490 and 6460 Resistance: 6673 / 6693 / 6760 Support: 6611 / 6490 / 6460
OANDA:AU200AUDShort
by Signal_Centre
2
AUS200 - Bearish pressure persistsFX:AUS200 Trade Idea ASX200 - Intraday - We look to Sell at 6680 (stop at 6700) Afternoon gains were sold into and follow through bearish momentum resulted in the market moving lower. The overnight rally has been sold into and there is scope for further bearish pressure going into this morning. Previous support located at 6646. We look for a temporary move lower. The reaction lower is negative, however, we view this as an opportunity to set longs in line with the overall bullish move higher. Preferred trade is to sell into rallies. Our profit targets will be 6620 and 6600 Resistance: 6690 / 6700 / 6735 Support: 6640 / 6620 / 6600
FX:AUS200Short
by Signal_Centre
Is Domino's days numbered as a growth stock. Growth investors have stepped in over the last 2 years every time Domino's has disappointing at report time or had negative news regarding their buyback. I think we are going to find out very soon if growth investors patience has run to thin. from a technical point of view DMP looks a high probabilty of breaking to the downside. Furthermore, its hard to see a clear level from a technical point of view where support may come in. Perhaps around $33.
ASX:DMPShort
by rutt
ASX200 (XJO) Potential Decade Long Double Top Forming.Lets start off with some very obvious Australian fundamentals. 1) Australia's economic life blood is it's housing market that directly and indirectly provides jobs for a majority of Australia's population, and the property market peaked in 2017 contributing to a weaker economy instead of a stronger economy for the first time in more than two decades. 2) The RBA has officially started its easing cycle before it even had a chance to raise rates. Rates should have been rising along side the property market since at least 2015 to stop the economy from overheating, they weren't! The reason is because higher rates would have strengthened the Aussie Dollar and hurt our exports to China right as our mining boom was coming to an end. This means we are now weakening into record low interest rates instead of weakening into normalized interest rates (which is usually the case). The fact we are weakening into record low rates is economically unheard of, it denies us the ability to fight an incoming recession with any meaningful policy tools. 3) Australia has the highest private debt levels in the developed world. This basically means Aussies are up to their eye balls in Mortgage debt and luxury car loans fueled by the mania in property over the last two decades. This is also another reason we are weakening even while interest rates are at record lows. It doesn't matter how low the RBA cash rate is if debt serviceability is unmanageable, and the higher the level of private debt the lower the level of interest Aussies can bear. 4) Australian wages are stagnant, having barely risen over the last decade while under the surface the cost of living keeps increasing. It doesn't take much now to push someone over the edge into financial stress especially given the level of debt. Now that that's out of the way lets talk about what caused this rally in the ASX to occur while other global markets are falling or trending sideways. Why is Australia Partying while the rest of the world are getting noticeably concerned about the global economic outlook? Australia's center-right prime minister was re-elected and because he was viewed of as better for the economy than the alternative the markets took this as a positive, even though in reality it just means business as usual. The post Election hype will wear off as it always does. So if the Australian economy is weakening and the ASX is due for a reversal and subsequent correction fundamentally speaking as the population comes to terms with incoming recessionary forces, where is the top of this rally. As you can see in this chart we are in for a possible decade long double top losing momentum and reversing around the same area we did back in 2008 during the last global financial crisis at $6800 AUD keeping us in this channel. A break below this channel however would not be pretty so we will revisit it if and when we get there. Disclaimer: This is not financial advice merely my opinion.
ASX:XJOShort
by Markster
4