Emerging Sell On Macquarie

This story features MACQUARIE GROUP LIMITED. For more info SHARE ANALYSIS: MQG

By Nick Linton-Ffrost

Macquarie Group ((MQG))

Trading tactics

Open shorts once a lower high forms below 55.00.

Rationale

Our wave count assumptions indicate MQG is in the process of forming a topping pattern between 53.00 and 55.00. The implication is for a pullback towards 47.00.

Trading below 53.00 should start the ball rolling given the break of a confirmed trend line, however we still require a lower high to form before opening shorts.

For those keen to short the line break we suggest placing stops at 55.30

 

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.

Click to view our Glossary of Financial Terms