Technicals | Mar 17 2014
By Nick Linton-Ffrost
We suspect the next two days trading in the ASX 200 (XJO) and the 5300 pivot level will determine the trend for the next fortnight.
The XJO needs to have a good bounce from the 5280-5300 level within the next day or two and push quickly above 5400 to keep the upside triangle pattern target around 5700 in play.
Otherwise a couple of days trading around 5300 morphs our triangle view into “a return to the four month range” view which implies a pull back towards 5050-5100. Refer both charts.
Upside Scenario
Downside Scenario
Another trading idea from
Fifth Wave | fwtc.com.au
FW generates over 150 Trading Alerts on the ASX100 each year. We are a subscription service specialising in short term technical strategies based on 27years experience.
AFSL 319830 | Disclaimer
Reprinted with permission of the publisher. Content included in this article is not by association the view of FNArena (see our disclaimer).
Technical limitations
If you are reading this story through a third party distribution channel and you cannot see charts included, we apologise, but technical limitations are to blame.
Find out why FNArena subscribers like the service so much: "Your Feedback (Thank You)" – Warning this story contains unashamedly positive feedback on the service provided.
