ASX200: technical analysis
10 November 2017, 10:21
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 6061.0 |
| Take Profit | 6100.0, 6150.0 |
| Stop Loss | 6042.0 |
| Key Levels | 5918.0, 5942.0, 5978.0, 6061.0, 6100.0, 6150.0 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 5978.0 |
| Take Profit | 5942.0, 5918.0 |
| Stop Loss | 6004.0 |
| Key Levels | 5918.0, 5942.0, 5978.0, 6061.0, 6100.0, 6150.0 |
ASX200, D1
On the daily chart, is trading just below the upper line of the Bollinger Bands. The price remains above its moving averages that are directed up. The RSI keeps growing, having entered the overbought zone. The Composite begins forming a divergence with the price.
ASX200, H4
On the 4-hour chart, the instrument is trading in the upper Bollinger band. The price remains above its moving averages that are directed up. The RSI is testing from below its longer MA. The Composite is about to retest its longer MA as well.
Key levels
Support levels: 5978.0 (local lows), 5942.0 (local lows), 5918.0 (local lows).
Resistance levels: 6061.0 (March 2007 highs), 6100.0 (December 2007 lows), 6150.0 (September 2007 lows).
Trading tips
The price is growing along its medium-term ascending trendline. However, the possibility of a correction increases.
Long positions can be opened from the level of 6061.0 with targets at 6100.0, 6150.0 and stop-loss at 6042.0. Validity – 3-5 days.
Short positions can be opened from the level of 5978.0 with targets at 5942.0, 5918.0 and stop-loss at 6004.0. Validity – 3-5 days.
On the daily chart, is trading just below the upper line of the Bollinger Bands. The price remains above its moving averages that are directed up. The RSI keeps growing, having entered the overbought zone. The Composite begins forming a divergence with the price.
ASX200, H4
On the 4-hour chart, the instrument is trading in the upper Bollinger band. The price remains above its moving averages that are directed up. The RSI is testing from below its longer MA. The Composite is about to retest its longer MA as well.
Key levels
Support levels: 5978.0 (local lows), 5942.0 (local lows), 5918.0 (local lows).
Resistance levels: 6061.0 (March 2007 highs), 6100.0 (December 2007 lows), 6150.0 (September 2007 lows).
Trading tips
The price is growing along its medium-term ascending trendline. However, the possibility of a correction increases.
Long positions can be opened from the level of 6061.0 with targets at 6100.0, 6150.0 and stop-loss at 6042.0. Validity – 3-5 days.
Short positions can be opened from the level of 5978.0 with targets at 5942.0, 5918.0 and stop-loss at 6004.0. Validity – 3-5 days.
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