AUS200 Resistance for the week aheadThe Fibs have worked perfectly in the last 4 weeks and it has provide some profit taking over the last week.
The coming week we see the following:
1. The buyers have broken the 0.38 fib resistance of 5497 but the sellers immediately took over avoiding the market to go any higher.
2. Monday is going to be an interesting trade day, as we are waiting for confirmation to eighter go higher or lower, but with all the good news on a possible vaccine and the Australia opening soon. My guess is that this market could go higher to the 50% Fib in the coming week.
3. Here are my trades for next week:
3.1 I will sell if the market dip below 5400 with SL at 5500 and TP at 5100
3.2 I will buy if the market goes higher than the higher high, that said my trade is set at 5600 with TP at 5770 and stop lost at 5480.
3.3 The sellers have taken control of the market the eight-time it has reached the 0.38 Fib forcing the market to retreat. Some big sellers around the
the world see this as an opportunity as most international markets(DIJ,SPY and SP500) have broken the 0.38 Fib
