Technicals | Feb 09 2015
By Nick Linton-Ffrost
Upside target around 5950 before pullback
We expect the ASX200 (XJO) will trade towards the pattern break target area around 5950 over the next 10-15 days before finding a near term top and dipping back towards 5700.
The break out of the triangle pattern has worked well and we are assuming that the rally from 5100 will trace out five waves towards the break target at 5900.
We expect the 5900-5950 level to provide strong resistance given target achievement levels can provide turning points. Our best guess pull back level would be around 5700 and potentially 5500.
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Another trading idea from
Fifth Wave | fwtc.com.au                                             Â
FW generates over 150 Trading Alerts on the ASX100 each year. We are a subscription service specialising in short term technical strategies based on 27 years experience.
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