–
ASX200 Index Analysis
Time Frame : Daily
The ASX200 is under pressure today as buyers remain concerned over the impact the Coronavirus will have on China growth and, in turn, how that may affect Aussie stocks….all in all buyers are happy to lock away some gains in the unknown. Price is extended lower at current levels on the daily chart but bulls will want to see price hold above 6965 for a run at new highs. If 7047 holds and sellers continue to pressure lower, we see it as a key correction all within the longer term uptrend so bulls may have to wait longer prior to the trend up continuing. Time to scan stocks for some quality setups to add some risk when the time is right. Remember that Trump will not let the bears take control with US elections on the cards so the support team will be ready to get to work and buoy US stock indexes.
–
Index : ASX200
Current Price : 7006
Status : On watch for price to hold above the 6965 zone to build a new leg higher
–
Click Here for the TradingView Chart
–
–
Alert History
Previous Alert 17/01/20
ASX200 Index Analysis
Time Frame : Daily
The ASX200 has been in a near vertical move higher off the 6675 zone but is not showing any signs of slowing down yet. The momentum is still on the rise so bias is still definitely up for the portfolio although it is also a time to take note of risk. The market can always go higher than expected especially when we are in clear skies so its mad fighting the trend. Finding ideal prime trading setups are few and far between at this stage so we expect some heat to come out of the market sooner or later…but for now we are happy to lock away gains as we go and enter into only high probability setups.
–
Index : ASX200
Current Price : 7076
Status : On watch for some heat to come out of the market and traders to lock away some of the gains
–
Click Here for the TradingView Chart
–
–
Previous Alert 24/10/19
ASX200 Index Analysis
Time Frame : Daily
The ASX200 continues to be stuck in a narrowing range as bulls and bears fight it out. Price continues to hold higher lows to support the bull case but also holds lower highs for the bears. With the ASX200 opening strong today and backing away from highs, its a sign that the market continues to have concerns. This is all while the US potentially looks set to run into new highs if earnings continue to show promise. The trade talks have faded into the background for now as US earnings demand traders focus which should help to support the action. This in turn should help the ASX200 find some buyers but the question is whether price can break up and through 6740 to make a charge for new all time highs. At this stage we feel the market is heavy at the top end of the range and buoyant at lower levels so only time will tell what side wins out. For now, its a case of keeping some ammunition dry and not loading the boat to go fully risk on into shares. We expect that prime setups will be the name of the game with tight risk and booking gains when they present.
–
Index : ASX200
Current Price : 6697
Status : On watch for further consolidation and between lower highs and higher lows
–
