it's difficult to predict but the safest thing is that might have 2 cases.
first case could maintain the graph and then falls around the 5322 (most secure)
or down the chart and then rises again until 5326.
Or may even continue its trend of rise.
More or less everything will look clearer on Monday of next week.
good luck.
to check that the tendence is...
Currently in a bearish trend. As more negative data comes out from China we should see that continue. I follow the Australian markets closely (I live in Melbourne)... I feel ASX sentiment is negative. Downwards momentum is also increasing.
There isn't much I can add. All the stock market indexes are down. Of the markets I follow, Italy and Australia have been holding during this world panic the best. Still, the bearish signals are obvious, Australia making a double top with false breakout and divergence!
Situation looking good all around the Globe, ECB is done, NFP tommorow and let's hope that will push stocks higher.
Regarding Australia, which is a correlated market with Europe and US, I see a nice long.
All explanations are on the chart, watch carefully the candlesticks when corrections ended. The bounce today invalidated a H&S, which means bears lost steam.
(This is my first chart and I am a novice trader - so I welcome lots of feedback.)
This is a simple line up of Stochastic RSI indicator with the recent behavior of the AUS200 index. It seems that the oversold margin is a very accurate indicator of lowest drop before a rise.
It is just striking to me, to see how well the indicator shows the trend.
This seems to...
The australian index formed a doji at a previous resistence. RSI has a slight divergence, but i consider it just a rejection from a resistence. Support at the blue line and at the trendlines. I don't see a trend reverseal, but at least a consolidation is due here before going over the previous high. Stop loss over 5250, tp 5160, 5100, 5050
