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
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Entry Level: 5,349.9 pts.
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Protective Stop: 4,940.9 pts.
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1st Profit Target: 5,731.2 pts.
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2nd Profit Target: 6,011.4 pts.
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3rd Profit Target: 6,312.4 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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