Hammer and possible Evening Star AUS200 Weekly
A hammer formed last week and there is a possible evening star forming on the weekly AUS200 Chart.
Technically a close below 6279 will fulfill the evening star requirements and close below 6279 is also close below the weekly candle from the 22nd of April. The main concern of a hammer 'should be the extent of the intrusion of the third day's black real body into the first day's white real body.' - Steve Nisson
Fundamentally if tariffs on are raised this Friday by Trump then there a high probability that the AUS200 will drop, as China is Australias largest trade Partner and this may be a cause of concern for investors.
SL: Mid-point of this week, which is currently around 6315, remember to wait for the close and confirmation before placing any trades. This means wait until next week!
TP: 6150
If there is any sort of resolution to the current trade wars look for a possible rebound and retest of 6400 or sideways ranged movements.
Technically a close below 6279 will fulfill the evening star requirements and close below 6279 is also close below the weekly candle from the 22nd of April. The main concern of a hammer 'should be the extent of the intrusion of the third day's black real body into the first day's white real body.' - Steve Nisson
Fundamentally if tariffs on are raised this Friday by Trump then there a high probability that the AUS200 will drop, as China is Australias largest trade Partner and this may be a cause of concern for investors.
SL: Mid-point of this week, which is currently around 6315, remember to wait for the close and confirmation before placing any trades. This means wait until next week!
TP: 6150
If there is any sort of resolution to the current trade wars look for a possible rebound and retest of 6400 or sideways ranged movements.
Comment:
The quote from Steve Nisson 'The main concern of a hammer 'should be the extent of the intrusion of the third day's black real body into the first day's white real body.' - Steve Nisson', should read the main concern of an evening star, not a hammer.
Comment:
Got my names mixed up, a candle formation such as the candle from the week 22nd of April is a Hanging Man, not Hammer.
Hanging man when this pattern forms in an uptrend and Hammer when this pattern forms in a downtrend.
Hanging man when this pattern forms in an uptrend and Hammer when this pattern forms in a downtrend.