ASX200: technical analysis
05 September 2018, 11:12
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 6234.5 |
| Take Profit | 6180.0, 6155.0 |
| Stop Loss | 6260.0 |
| Key Levels | 6130.0, 6155.0, 6180.0, 6260.0, 6292.0, 6325.0 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 6260.0 |
| Take Profit | 6292.0, 6325.0 |
| Stop Loss | 6240.0 |
| Key Levels | 6130.0, 6155.0, 6180.0, 6260.0, 6292.0, 6325.0 |
ASX200, D1
On the daily chart, the instrument is trading on the lower line of the Bollinger Bands. The price remains above the EMA65, EMA130 and SMA200 that are directed up. The RSI is falling, having formed a Bearish divergence with the price. The Composite is showing similar dynamics.
ASX200, H4
On the 4-hour chart, the instrument is falling along the lower line of the Bollinger Bands. The price remains below its moving averages that start turning down. The RSI keeps falling, having entered the oversold zone. The Composite is approaching its strong support region.
Key levels
Support levels: 6180.0 (July lows), 6155.0 (January highs), 6130.0 (February highs).
Resistance levels: 6260.0 (June highs), 6292.0 (local highs), 6325.0 (July highs).
Trading tips
The price is breaking down the lower border of its ascending channel. The fall is likely to continue.
Short positions can be opened from current prices with targets at 6180.0, 6155.0 and stop-loss at 6260.0. Validity – 3-5 days.
Long positions can be opened from the level of 6260.0 with targets at 6292.0, 6325.0 and stop-loss at 6240.0. Validity – 3-5 days.
On the daily chart, the instrument is trading on the lower line of the Bollinger Bands. The price remains above the EMA65, EMA130 and SMA200 that are directed up. The RSI is falling, having formed a Bearish divergence with the price. The Composite is showing similar dynamics.
ASX200, H4
On the 4-hour chart, the instrument is falling along the lower line of the Bollinger Bands. The price remains below its moving averages that start turning down. The RSI keeps falling, having entered the oversold zone. The Composite is approaching its strong support region.
Key levels
Support levels: 6180.0 (July lows), 6155.0 (January highs), 6130.0 (February highs).
Resistance levels: 6260.0 (June highs), 6292.0 (local highs), 6325.0 (July highs).
Trading tips
The price is breaking down the lower border of its ascending channel. The fall is likely to continue.
Short positions can be opened from current prices with targets at 6180.0, 6155.0 and stop-loss at 6260.0. Validity – 3-5 days.
Long positions can be opened from the level of 6260.0 with targets at 6292.0, 6325.0 and stop-loss at 6240.0. Validity – 3-5 days.
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