S&P/ASX Index of Australian Listed Shares Analysis 15/10/14
Long term trend: Up
Medium term trend: Down
Significant levels: 5370 (Horizontal Resistance), 5070 (Horizontal Support), Uptrend Support
This index is really down as of now. The support level held and the price is now making a move up. It's now recovering from the strong decline. As the sentiment here is currently down, I am Short with this index until Bullish signs started to appear in the charts. Though, in the short term, I think the price will go up. It might go up to the Horizontal Resistance and make Bearish signals. It might also be interesting what the price might do near the Downtrend Resistance. If the two resistance levels are broken, we could consider going Long again, but for now, we are Short here.
Trade here.
Medium term trend: Down
Significant levels: 5370 (Horizontal Resistance), 5070 (Horizontal Support), Uptrend Support
This index is really down as of now. The support level held and the price is now making a move up. It's now recovering from the strong decline. As the sentiment here is currently down, I am Short with this index until Bullish signs started to appear in the charts. Though, in the short term, I think the price will go up. It might go up to the Horizontal Resistance and make Bearish signals. It might also be interesting what the price might do near the Downtrend Resistance. If the two resistance levels are broken, we could consider going Long again, but for now, we are Short here.
Trade here.