News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
S&P/ASX 200 Technical Analysis: Repeated Rejection at Triple Top

S&P/ASX 200 Technical Analysis: Repeated Rejection at Triple Top

Nathalie Huynh,

Talking Points:

  • ASX200 Strategy: range trade with the current downturn
  • Triple top formed at 5305 as price retracted this week, again
  • Crowded resistance region above head: 50% Fibonacci, 76.4% Fibonacci (also a triple top)

The S&P/ASX 200 declined for a second day and currently trades near a daily low at 5192.1. Last week’s swift rise stopped short of 5305 resistance level again – which made it a triple top, after similar halts in August and October.

Above that, 50% Fibonacci of the April-August descent at 5391.5 acts as a firm resistance level where prices also halted on October 23-26 (circled). A successful break through this would lead to a higher triple top and 76.4% Fibonacci at 5723.3 (circled). The bulls should keep these resistance levels in check to possibly adjust their stops and targets.

Range traders may find short-term opportunities during this downturn, with a potential target around 23.6% Fibonacci at 5059.6 or the previous bottom at 4958. Daily momentum signals (shown in lower panel) have also turned down, a sign that this reversal is gathering strength.

Losing Money Trading Forex?This Might Be Why.

S&P/ASX 200 Technical Analysis: Repeated Rejection at Triple Top

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES