What goes down might go up. Friday’s stock market rally and a solid start to the week in Asia has traders sensing a rally. Long term trend followers might be thinking about retracement levels for a chance to sell and rejoin the major downtrend. The markets that have had the biggest moves so far might […]
Iress shares had a big bounce off their low last Tuesday in what has potential to be the end of a text book correction.
Our North American strategist, Colin Cieszynski, published the following note in a preview of Apple’s earnings result, due early tomorrow morning Australian time: Trading Analysis: Apple Earnings Preview – Can iPhone sales save Apple’s shares? Apple’s quarterly earnings report scheduled for after US exchanges close on Monday October 20th could represent another make or break […]
Asia Pacific indices Australia 200 continues to rally and is currently testing 5,340 resistance on the index and 50 on the RSI where breakouts would confirm an upturn in momentum and the start of a new uptrend with next resistance near 5,370 a previous support level, then 5,430 a Fibonacci level. Support rises toward 5,250. […]
Recent market action suggests there is underlying strength in Asia Pacific shares. On Monday, it was apparent in the Australia 200 index. Today, a classic reversal pattern is nearing completion in the Hong Kong 43 index:
Asia Pacific indices Australia 200 continues to climb up off from 5,100 with support moving up toward 5,140 a Fibonacci level. RSI indicates downward momentum fading fast. Initial upside resistance tests appear near 5,270 then a series of prior highs near 5,345. Japan 225 is bouncing around in a Fibonacci trading range between 14,350 and […]
The questions we are all asking this morning would have to be – how bad might this stock sell-off get? AND is the big bounce off the lows in the US last night a sign the worst is over? Here are some thoughts on various charts that I looked at this morning
Asia Pacific indices Australia 200 still appears to be carving out a base with higher lows in the RSI suggesting downward pressure weakening. For the index, support has moved up from 5,100 toward 5,140 a Fibonacci level with resistance in place near 5,270 then 5,340. Japan 225 remains under pressure, failing to hold 15,000 on […]
Here is today’s wrap and chart signals Asia Pacific Index Chart Signals Australia 200 held the 5,100 level and has started to rebound, trading near 5,200 with next potential near 5,270 a Fibonacci test then 5,325. RSI suggests downward pressure fading and a rebound possible but if it falters again, 5,000 where a round […]
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