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Potential Sell Entry Alert to Watch ASX200
Update for Price Action
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The ASX200 pushed lower as expected but a little faster than expected. I feel that the move lower will have a lot further to go and has more than enough reasons to justify weakness. We are now watching for a push back up to the MAs and then sellers to soak up the buyers and continue the price lower. By price holding below the MAs, it is confirmation that buyers are remaining on the sidelines and the momentum will continue lower. Looking for a least a test of 4418 and lower.
Status : On watch for potential lower high below the MAs and continued momentum down
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Alert History
Previous Alert 21/04/20
Potential Sell Entry Alert to Watch ASX200
Time Frame : 4 Hourly Chart
Index : ASX200 CFD or Australia SPI Direct -Future (Jun)
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ASX200
The ASX200 is playing out to plan with the pressure in the oil market being the trigger that the market maybe waiting for. Virgins blowup may be just the start of problems to come so we expect that bulls will step back to the sidelines and sellers will start to take control. Watching now for a lower high to hold as buyers are lured into the market prior to a selloff. We do want to see the lower high for confirmation prior to a short entry setup.
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Stock Index : ASX200 CFD or Australia SPI Direct -Future (Jun)
Current Price : 5450
Status : On watch for potential lower high and push down through 5318
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Previous Alert 16/04/20
Potential Sell Entry Alert to Watch ASX200
Time Frame : 4 Hourly Chart
Index : ASX200 CFD or Australia SPI Direct -Future (Jun)
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ASX200
The ASX200 has been grinding higher but is lacking conviction as we can see new highs a very shallow and pullbacks are deep. This price action is condusive to a weak market so we expect that a squeeze of the bulls is on the cards soon. We will be watching for a lower high to hold below 5555 for a potential sell entry setup and move to test the lows around 4418.
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Stock Index : ASX200 CFD or Australia SPI Direct -Future (Jun)
Current Price : 5450
Status : On watch for potential lower high and push down through 5318
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