Stock index action is highly volatile and range bound – an unusual combination of market behaviours. While uncertainty is driving these conditions, answering two key questions can help investors take a clear course of action. CMC’s chief markets strategist Michael McCarthy provides a decision matrix to simplify the process.
Asia Pacific indices Australia 200 has been drifting lower after failing to overcome resistance near 5,200 on the index and 50 on the RSI. It has dropped back toward 5,090 with next potential support near 5.070 a Fibonacci level and then 5,000 a channel low and round number. Hong Kong 43 held support at a […]
Asia Pacific indices Australia 200 keeps firming up to indicate renewed accumulation. Index is bouncing around in the 5,120 to 5,150 range up from 5,000 while RSI signals an upturn pending. Next potential resistance near 5,245 a 38% retracement of the recent downtrend. Japan 225’s latest rally ran out of gas near 18,490 but support […]
Asia Pacific Indices Australia 200 ran into resistance near 5,245 and has dropped back toward 5,135 also a Fibonacci level but has been holding above 5,115 with more support possible near 5,100 then 5,070. Japan 225 spiked up toward 18,600 before running out of gas and slumping back toward 18,210 Fibonacci support with a retest […]
Asia Pacific indices Australia 200 successfully retested 5,000 support in yesterday’s selloff indicating base building continues. It has moved back up into the 5,040 to 5,070 range with next potential resistance near 5,085 then 5,140 and 5,200. Japan 225 has levelled off in the 18,210 to 18,575 range between two Fibonacci levels. It has tested […]
Asia Pacific indices Australia 200 is retesting its 52-week low and a previous double bottom near 5,100 with next potential support at the 5,000 round number if that fails. RSI getting oversold so a bounce looks possible with initial resistance near 5,200 then 5,255. Hong Kong 43 has broken down to a new 52-week low […]
Asia Pacific indices Australia 200 is breaking down today, taking out 5,300 and diving down into the 5,230 to 5,250 zone with next potential support near 5,180 then a double bottom closer to 5,100. RSI getting oversold but confirming downward momentum for now. Japan 225 is breaking down today, taking out 20,000 and 19,925 on […]
I posted a USDCAD triangle set up back on 26 Feb. This took a while to trigger but eventually got going with a bounce off the triangle base followed by a break through the resistance. Potential buyers might be about to get a second bite at the cherry in the form a re-test of the […]
Tuesday’s peak has confirmed the USDCAD triangle. To me, this looks like a pattern that could provide either a useful buy off the support or a breakout short trade.
Before you look at the client sentiment index at the bottom of this post, are you a buyer or seller of gold? Which way do you think your fellow traders are positioned – long or short? It’s an important question. Gold has once again described a triangle. In working towards the apex (the pointy end […]
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- Michael McCarthy: One of the ideas behind the blog is to start a dis...
- sachin: The article focus on Gap analysis is tangible. Dav...
- Michael McCarthy: Appreciate your expansion of the analysis David...
- David C: Spot on Michael. The dilemma for traders being...
- Michael McCarthy: Thanks Digby, good to hear from you. And yes, I ...
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