Technicals | Jul 06 2015
By Nick Linton-Ffrost
Editor's note: This technical view was provided prior to the Greek referendum outcome being known.
We expect a trading range between 5400 and 5700 over the next few weeks
Last week's price action appears to have completed the fifth wave within the move lower from 6000. The implication is for a sideways corrective market to build between the recent low at 5400 and the top of the 4th wave at 5700 over the next few weeks.
The upside pivot level is around 5600 which is last weeks high and where the downtrend line comes into play. Trading above this level opens up targets at 5700 and 5850.
Trading below 5400 for more than 2 days negates this view and should trigger a move to 5100.
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 27 years experience.
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