ASX 200 could reach fresh highs
|The Australian benchmark ASX 200 seems to be increasing its bullish momentum and could reach fresh highs in the coming trading sessions.
ASX 200 in its 2-hour chart shows the re-test of a pivot zone located at 5,349.9 pts. This swing zone is acting as a key resistance level, where it could confirm the bullish bias if the price manages to strike and consolidate above this level.
On the other hand, in terms of a chartist pattern, the Australian index reveals it is evolving in a potential inverse head and shoulder pattern in progress.
A bullish position will activate if the price rises and closes above 5,349.9 pts. Our potential first target is located at 5,731.3 pts. If the Australian benchmark increases its bullish momentum, the price could advance to 6,011.4 pts, and even raise until 6,312.4 pts.
The bullish scenario will be invalid if price pierces below 4,940.9 pts.
Trading Plan Summary
-
Entry Level: 5,349.9 pts.
-
Protective Stop: 4,940.9 pts.
-
1st Profit Target: 5,731.2 pts.
-
2nd Profit Target: 6,011.4 pts.
-
3rd Profit Target: 6,312.4 pts.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.