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.
AUS200 trade ideas
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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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
ASX - retest ending. Pain ahead?Australia is unlucky because it does not have a lot of tech and finance stocks to carry it forward. 25% of the market is just 4 banks. As earnings and profits dwindle and the initial retail shock due to COVID dies down into reality, expecting this to plunge one more time. Good level to watch here.
AUS2200, Elliott Analysis. This index had an upward trend in the past always, and has not grown much after the recent fall (due to the Corona virus).
Low risk and I expect it to grow well.
XJO still fighting the 200MAThe Australia stock market is still fighting to rip up the 200MA which so far has been a challenge. I expect the market to zoom up very quickly when this 200MA is breached.
To me it is now or never for this market to prove its strength. we are in the apex of what looks to be end of an ascending triangle. Keep an eye on this chart as we see new ATH on the Wall Street.
This charts shows all the info I will be brief with my post today and as I said last time it is not a good time to buy until the market shows stamina to stay above 200MA. Have profitable trades and dont forget to gong the likes.
Aussie coiling for breakoutIn my opinion, at least. Could have one more wave down but it looks pinned to this high timeframe level that has been a key mirror level in the past. A break could send it soaring.
ASX 200 - Critical support and resistance on the H2 time frameASX 200 - Critical support and resistance on the H2 time frame
Support at 6126.55, 6077.60, and 6046.70
Resistance at 6156.80, 6205.75, 6236.00, and 6284.95
