ASX200: technical analysis
21 January 2019, 10:12
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 5878.3 |
| Take Profit | 5810.0, 5790.0, 5750.0 |
| Stop Loss | 5945.0 |
| Key Levels | 5750.0, 5790.0, 5810.0, 5905.0, 5945.0, 6040.0 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 5945.0 |
| Take Profit | 6040.0 |
| Stop Loss | 5905.0 |
| Key Levels | 5750.0, 5790.0, 5810.0, 5905.0, 5945.0, 6040.0 |
ASX200, D1
On the daily chart, the instrument is growing along the upper line of the Bollinger Bands. The price remains just above the EMA130, EMA65 and EMA14 that start turning up, and below the SMA200 which is horizontal. The RSI is turning down, having failed the border of the overbought zone. The Composite is forming a Bearish 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 its longer MA, having left the overbought zone. The Composite is falling, having broken down its longer MA.
Key levels
Support levels: 5810.0 (August 2017 highs), 5790.0 (local lows), 5750.0 (local lows).
Resistance levels: 5905.0 (local highs), 5945.0 (November 2018 highs), 6040.0 (November 2017 highs).
Trading tips
The price is testing its strong resistance near 5945.0. There is a chance of a downward reverse.
Short positions can be opened from current prices with targets at 5810.0, 5790.0, 5750.0 and stop-loss at 5945.0. Validity – 3-5 days.
Long positions can be opened from the level of 5945.0 with the target at 6040.0 and stop-loss at 5905.0. Validity – 3-5 days.
On the daily chart, the instrument is growing along the upper line of the Bollinger Bands. The price remains just above the EMA130, EMA65 and EMA14 that start turning up, and below the SMA200 which is horizontal. The RSI is turning down, having failed the border of the overbought zone. The Composite is forming a Bearish 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 its longer MA, having left the overbought zone. The Composite is falling, having broken down its longer MA.
Key levels
Support levels: 5810.0 (August 2017 highs), 5790.0 (local lows), 5750.0 (local lows).
Resistance levels: 5905.0 (local highs), 5945.0 (November 2018 highs), 6040.0 (November 2017 highs).
Trading tips
The price is testing its strong resistance near 5945.0. There is a chance of a downward reverse.
Short positions can be opened from current prices with targets at 5810.0, 5790.0, 5750.0 and stop-loss at 5945.0. Validity – 3-5 days.
Long positions can be opened from the level of 5945.0 with the target at 6040.0 and stop-loss at 5905.0. Validity – 3-5 days.
No comments:
Write comments