$Australia Stock market Update $ASX

$Australia Stock market Update $ASX.  Since November 2016, the Australian stock market has been on an upward trend and added more than 500 point. This monthly update will analyse the weekly and the daily chart to see the current state of the market.

Below is the weekly chart of the ASX 200 provided by TradingView for this article.

The Australian market has gone through consolidation phase early this year, but now for the first time on the weekly chart in 2017 it closed above its minor resistance on 5878. Now the question is; will it continue to go up? If ASX 200 held price above 5878 in month of May 2017 than we have high probability for it will continue to go upward and test major resistance at 5981.

Below is Daily chart of the ASX 200 provided by TradingView.

Overall the ASX 200 index finished the month at 5915 and having passed the minor resistance level at 5875, it now has the 6000 level in its sights. But first it must close above the next resistance of 5981.

Here is a list of Australia stocks that completely bullish:

Let’s now look for a trading opportunity.   Since the market has closed above minor resistance and not too far from the next 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 opportunity in our Multiple time frame email alert.

 

 

 

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

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About the Author Manesh Patel