This monthly update will analyse the weekly and the daily charts to see the current state of the Australian market.
The Australia Market started a bullish trend in November 2016. However, this year between June and September 2017 the S&P/ASX 200 went through consolidation phase. In the month of October, it finally come out of consolidation phase and break the minor resistance at 5772.
For the month of October 2017, the S&P/ASX 200 was up 184 points to finish at 5908.
Below is the weekly chart of the S&P/ASX 200 provided by TradingView for this article.
Below is Daily chart of the S&P/ASX 200 provided by TradingView.
For the month of November, if S&P/ASX 200 held price above 5772 (minor resistance), then we have high probability it will continue its current bullish trend. On the other hand, if price goes down again to 5600 then it may reverse back into consolidation phase.
Let’s now look for a trading opportunity. Since the market has closed above minor resistance, we want to make sure we trade in the direction of the higher time frames.
In using our scanner to analyse the ASX200, we found the following opportunities in our Multiple time frame email alert.
S&P/ASX 200
|
Trading Timeframe |
Bullish |
Bearish |
| 10 Minutes | BSL-ASX, BLUESCOPE FPO (4) ALL-ASX, ARISTOCRAT FPO (4) |
SPO-ASX, SPOTLESS FPO (4) BEN-ASX, BEN ADE BK FPO (2) |
| 30 Minutes | BSL-ASX, BLUESCOPE FPO (2) ALL-ASX, ARISTOCRAT FPO (4) BWP-ASX, BWP TRUST ORD UNITS (4) SKC-ASX, SKYCITY FPO NZX (4) CQR-ASX, CHRETAILRT UNIT (4) |
SPO-ASX, SPOTLESS FPO (4) |
| 60 Minutes | ALL-ASX, ARISTOCRAT FPO (2) BWP-ASX, BWP TRUST ORD UNITS (2) SKC-ASX, SKYCITY FPO NZX (2) CQR-ASX, CHRETAILRT UNIT (4) RIO-ASX, RIO TINTO FPO (4) |
SPO-ASX, SPOTLESS FPO (2) BEN-ASX, BEN ADE BK FPO (4) AHY-ASX, ASALEO FPO (2) |
| 120 Minutes | BWP-ASX, BWP TRUST ORD UNITS (2) SKC-ASX, SKYCITY FPO NZX (2) CQR-ASX, CHRETAILRT UNIT (2) RIO-ASX, RIO TINTO FPO (2) |
BEN-ASX, BEN ADE BK FPO (4) AHY-ASX, ASALEO FPO (2) |
| 240 Minutes | SKC-ASX, SKYCITY FPO NZX (2) RIO-ASX, RIO TINTO FPO (2) |
BEN-ASX, BEN ADE BK FPO (4) AHY-ASX, ASALEO FPO (2) |
| Daily | BSL-ASX, BLUESCOPE FPO (4) RIO-ASX, RIO TINTO FPO (2) |
AHY-ASX, ASALEO FPO (4) |
Note: Updated Oct 31, 2017 10:47:10 AM EST
If you would like to learn how to trade like an institutional trader or learn more about our multi-timeframe email alerts, go to www.ichimokutrade.com or email us at info@eiicapital.com
EDUCATIONAL USE. Commodity Futures Trading Commission, Forex, Futures, Equity and Options Trading has large potential rewards, but also has large potential risk and may not be suitable for everyone. You must be aware of the risks and be willing to accept them in order to invest in these markets. Do not trade with money you can not afford to lose. This is neither a solicitation nor an offer to Buy/Sell. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this document. The past performance of any trading system or methodology is not necessarily indicative of future results. All information provided on the Blog is for educational purpose.
