ASX 200 Index - Short to medium term price chart analysis.ASX 200 Index - Short to medium term price chart analysis.
My views and price target for Aus 200 Index remain the same as per my last analysis on May 5th. www.tradingview.com
The Index reached my second target at 5480.0 and retreated to the first target before heading back up on Friday's session, closing at 5404.80. The short to the medium-term trend is still bullish as long as it remains within the uptrend price channel, as indicated on the 30 minutes price chart.
A new price pattern that appeared on the US major Indices is duplicated on this chart, which is the longterm price channel supporting the price action, This could act as a strong support base for future price movements. However, if prices fall below the longterm price channel, we could properly see the Index head south.
The critical price points to keep an eye in next week's session are estimated at the following area:
Support - 5380.0, 5305.0, and 5164.0
Resistance - 5484.0, 5617.0, and 5698.0
SPI200 trade ideas
ASX Consolidation Fluff,P Action Task For The Week = A DirectionLooking for some confidence or lack of, anything really, to move this market out of this range of chop. Price at Mondays open will be APEXing, so hopefully traders can push this in a direction up or down for some clear trading sentiment. If positive during the week an upward carrell channel could form for the following weeks to respect.Taking sentiment away from the charts and to the global economy there could be down side to come as it can’t keep being prop’d up considering this recession. A direction is needed shortly and the market will show that this week…. or next :P
📈Support & Resistance📉*
Support Levels
1st Support Zone: 5283.0
2nd Support Zone: 5185.5
3rd Support Zone: 21718.4
Resistance Levels:
1st Resistance Zone: 5478.2
2nd Resistance Zone: 5624.5
3rd Resistance Zone: 5943.8
Price Level Consideration
ATH: 7208.2
All Time High Half Way Point: 3604.1
Previous High: 5568.6
Previous Low: 4392.7
🐃 Bulls Verse Bears 🐻
🐃 Bullish above: 6880.9
🐻 Bearish below: 5397.8
Monthly & Weekly Opens
Monthly Open: 5520.6
Weekly Open: 5386.9
If P action can break above the present consolidation it would still show strength to get caught up with this previous zone…
ASX200 daily- Rising Wedge+failed to break 38.2% Fib retracemASX200 daily- Rising Wedge + Failed to break 38.2% Fib retracement.
According to Thomas Bulkowski "Rising Wedges, especially for downward breakouts, are some of the worst performing chart patterns. Downward breakouts have an unacceptably high failure rate and small post breakout declines. Also, throwbacks and pullbacks occur 72% of the time."
Breakout for Rising Wedges: Can be in either direction, 60% of the time downwards.
Short Analysis on AU200 ( ASX ) 2 timeframes / By ThinkingAntsOk
Main items we can see on the 4HS chart:
a) From the Historical Higher High at 7200 the price made a bearish movement and found support at 4800
b) From there we observed a bullish movement towards the Broken ascending trendlines of the previous ascending motive waves
c) The structure that we can see is a Wedge Pattern doing a pullback to the previous ascending trendline
d) We saw a breakout of the wedge pattern and a corrective structure next to it
e) Our Forecast is that there is a major resistance zone at 5600 -5650 and we will expect a bearish movement towards 4700-4800
WEEKLY CHART:
Long on candlestick confirmationAscending triangle pattern forming nicely on the daily chart, shift down to the 4H chart for a confirmation candlestick and take your trade long.
Obviously if the price closes under the 5363 or worse under 5338 level this strategy is not working.
please leave comments below.
ASX200 Basing - Are We Getting Ready for a Breakout?- ASX 200 has not recovered as fast as the US Market but enjoyed strong gains today +1.6%.
- Technically we have retraced to the 32% Fib level from our 52w Highs. We want to see a breakout from this level and a push past the 50% level.
- From a Health perspective Australia has flattened the Covid19 curve but some of the biggest contributors to the ASX 200 such as the banks have reported bad losses this week. Overall we are bullish on this market over the longer term and want to see this basing pattern play out.