ASX Index and sectors Analysis Part 1 (March 7 2021)
Part 2 for ASX Index and sectors for March 7 2021
ASX Setors and Index Analysis
CADJPY may target weekly/monthly R
ASX:NCM strong bearish breakout
ASX200 Index is at critical resistance
EURCAD may resume its bearishness in H4 TF.
Wait for a clear breakout in the daily time frame and a retest before attempting going long
NZDCHD is breaking out in H4 and daily to possibly target previous weekly highs
In the video, I am going through ASX communication sector chart and then analyzing the TSL chart. I have also explained the points of entry/stop-loss/targets.
CVE is in a clear downtrend. In the last session, the stock broke south H1/H3 support suggesting more bearishness in the coming sessions.
MP1 broke out a weekly and daily S/R and has tested it. It is currently trading above the monthly pivot point in lower time frames. In H1 time frame, MP1 is offering a bullish setup. The target could be recent previous highs at around 17.3 and stop-loss should at around 15.00. Multiple targets /Partial closes on the way to previous highs and beyond this level...
LEN has broken a strong weekly Resistance and has retested it as well. In Daily/H3 TF, there is a consolidation and if resistance is broken, then we can see more bullishness.
DHR in the daily chart has broken out off a cup and handle pattern. It however lacks enough strong volume to justify the breakout. The volume was actually decreasing in the last trading sessions. Maybe we get more daily bars printing at this breakout level with higher volume.
XAUAUD touched daily support offering a long opportunity. Stop Loss should below the previous swing low on H1 not above it.
INTC is in a strong weekly bullish momentum. In 4HR/Daily Chart, Price may test previous highs offering a good stop loss/take profit ratio.
LYG bounced from a daily support. In H1 TF, we have a breakout and a retest from a small H1 range. A long opportunity presents itself with different targets.
WORK has broken out a major Resistance in the Daily chart. In H2 Time Frame, price is forming an inverse head and shoulder just above the Daily support. A break of the two shoulders will offer a good long opportunity.