XJO trade ideas
Long Term TrendA country sleepwalking into desolation. ----Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety.-----
The ASX200 may be setting to head down the slippery slope lowerThe ASX200 is hovering at a key level at 5850, that if broken, will trigger some bears into action. Recent pressure from sellers has picked up off the 6200 area and the uptrend from march has been broken. Many feel that a selloff and reset is on the cards and warranted so it may soon come true.
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XJO Re-tested long term trend We've seen price action since the March drop push us back into the channel, it would be nice to see a bounce from the 1M trendline thats provided TL support since '09.
Maybe a bounce from here will get us through the 6200 resistance thats been on our plate since June.
Let's see what happens.
#XJO $XJO Chart - analysis where from Here#XJO $XJO Chart - analysis where from Here
XJO as abbreviation means "S&P/ASX 200 (Australian Securities Exchange )". Q: A: What is shorthand of S&P/ASX 200 (Australian Securities Exchange )? The most common shorthand of "S&P/ASX 200 (Australian Securities Exchange )" is XJO.
ASX200 Time to pay attention to the weekly close 5836. $XJOIf ASX200 close below last week's low of 5836 tomorrow (Friday 18/09/2020), It is time to reduce position size and risk because It is likely that we will see more selling in the coming week.
XJO or SP200 about to decide where to go🚨🥵🚨AS i mentioned last time that XJO was fighting the 200MA that was aligned with the 0.618 golden fib, apparently it lost the battle and decided to consolidate below it.
But does t look like it is going to make one major decision which will be written down in history? lets dig deep and analyze.
XJO after failing to conquer the 200MA has been shy and it even failed its 50MA and now it is fighting to stay close to the 6k level.
However, considering the massive selloffs on Wall Street, I think it is about to make one major move. Looking at that chart it is almost writing a curve as if it want to fall below towards the 5700 which is a strong support.
I think we may see the price testing that level in coming days and if that level fail, my friends, I see XJO going deep down.
However, not all hope is lost, at the moment it looks like it is in massive consolidation zone which, if it holds , can be considered as a huge bull flag.
Most short term indicators like PSAR, LSMA, QLSMA look bearish so far.
As I said last time, this may not be the best time to buy, better wait for the market direction then enter the market. But for those who ride the waves, they may find it interesting to but the support and sell the resistance.
I will keep you posted of any change in this market. Stay safe. Dont forget to smack the likes.
XTF
Price breakout important intraday levelThis market has produced some incredibly erratic Price Action in recent sessions with huge swings higher and lower
Price now breakout the intraday resistance and retest this level. if new support can reject Price we could see price quickly move into the resistance around 6078.78
From there the trend could look to continue and it could begin once again forming bullish trading opportunities.
Thanks for your like and support...
The few sectors preventing the ASX from slumping throughout Aug(SEE prior "Idea" for Sector Indices vs ASX All Ordinaries Index showing earlier deterioration of the market throughout August ) Here are the few sectors preventing the ASX from slumping throughout August 2020: which are the midcaps of the ASX Midcap 50 Index, and including Technology XTX, Consumer Discretionary XDJ, Real Estate XRE and Industrials XNJ.
The ASX200 is standing on the edge and looking over the cliffThe ASX200 is having a rough day as sellers beat up the bulls. Price has broken the uptrend but is holding above key support for now. A break down below 5850 and we may have a small problem but it will bring some volatility and good shorting opportunities.
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Does the bounce today on the ASX mean the bulls are backThe ASX was hit hard yesterday only for the bulls to come back today and ramp prices back up....it is just like the selloff yesterday was a mistake...or the bulls took the day off.
On the flip side, is the spike down yesterday a sign of some volatility to come. Price is now at an important level where we may see either a run back to 6200 or a lower high hold.
Both the bulls and bears have a good argument....bears, the economy is struggling, inflation easing, unemployment rate spiked etc....for the bulls...ahh....momentum.
As long as the US continue to drive to new highs, expect the ASX to hold in the new range....but if the cracks start to appear in the US, a break of 5886 will be on the cards.
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** With quality portfolio management and defined risk levels to help your account grow and achieve steady profit targets while increasing your trading edge. **
XJO - ASX 200 Expecting to see ASX:XJO to hold the larger overall triangle pattern and continue its general drift side ways after a decent pull back in the last few sessions - indicators turning up
XJO breaking out at 6200XJO breaking out at 6200
Showing some weakness heading into next week,
With 5 internal swings in this ascending triangle, looking to break out at 6200
