AUS200 Forecast for the week ending 22nd August, 2014
Monthly Chart
- Monthly Chart looks for an upside potential to test 6000
- To note MACD lines looks crossing, however monthly candle not closed.
- RSI trading above 50 and contracting triangle
Weekly Chart
- Price is holding onto support which was resistance until feb this year.
- If RSI breaks upwards of the triangle, should look for opportunity to go long
Daily Chart
- Two weeks ago, performed a nice Hammer from the Monthly S1 pivot / support
- Rising MACD
- RSI back above 50 pointing north
Outlook Trade opportunity
Longer term, i have a bias of new highs.Would only trade this if any price action from retrace support levels gives us the opportunity
Risk Level __
Tips -
Always take note of any economical news event on our provided calender below