In early November 2019, we presented the bullish scenario of the Australian ASX 200 index. The following chart published by our team on November 4, reflects the price surpassing the wave (D) labeled in black, of a triangular formation that made us expect new climbs from the Australian index.
In this release, we update the next movements expected for the coming few days.
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A retracement towards the zone of 6,800 points to 6,760 points could allow us to join to the upward trend. Our conservative scenario points to a target of 6,846 points.
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If the price action continues its upward course, the ASX 200 rally could reach up to 6,925 pts and even 7,005 pts.
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The scenario will be invalid if the price drops below 6,705 points, or if ASX 200 moves up but does not close above 6,790 pts.
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The exhaustion of stock markets, which are in record highs, could lower the chances for our bullish scenario.
Trading Plan Summary
Entry Level: 6,790 pts.
Protective Stop: 6,705 pts.
1st Profit Target: 6,845 pts.
2nd Profit Target: 6,925 pts.
3rd Profit Target: 7,005 pts.
Risk Warning: CFD and Spot Forex trading both come with a high degree of risk. You must be prepared to sustain a total loss of any funds deposited with us, as well as any additional losses, charges, or other costs we incur in recovering any payment from you. Given the possibility of losing more than your entire investment, speculation in certain investments should only be conducted with risk capital funds that if lost will not significantly affect your personal or institution’s financial well-being. Before deciding to trade the products offered by us, you should carefully consider your objectives, financial situation, needs and level of experience. You should also be aware of all the risks associated with trading on margin.
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