$XJO-ASX $SPX $Australia Stock Market Monthly Update. Since November 2016, the Australian stock market has been very strong. This monthly update will analyze the market to see the current state of the market.
Below is the weekly chart of the ASX200 provided by eSignal.
Here is a zoomed version of the chart:
From the charts, the Australian market has been in an “ugly” consolidation pattern trying to retest the top of the consolidation pattern. The bullish trend within the consolidation pattern is very strong where it could break the high too but we need to see proof of this on the lower timeframe.
The minor support is 5704 with a minor resistance at 5877 and major resistance at 5981.00
Here is a list of Australia stocks that completely bullish:
Let’s now look for a trading opportunity. Since the market is at a minor resistance and not too far from the next resistance, we want to look for pull back trades on the 60m to keep our risk low. We also want to make sure we trade in the direction of the higher time frames.
In using our scanner to analyze the ASX200, we found an opportunity with $ACX-ASX $Aconex. It was also in our Multiple time frame email alert. It was a 4 time frame $Ichimoku buy signal. Here is the email alert:
Below is the chart setup,. The entry is at the swing/long square IMTF™ support.
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