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ASX 200 - FIBONACCI RETRACEMENTS

Here is a recent article on the S&P ASX 200 from my new, monthly newsletter service, The Time Factor Trade Report.

It follows an article that I wrote on the ASX 200 back in November 2016 where I nominated 5050 to 5080 as the "BUY ZONE" for Australian equities. You can read that article here. The actual low on the ASX 200 came in at 5052, exactly within my forecast price range. Australian shares then rallied over 15.3%.

This recent chart of the ASX 200 (below) is taken from the inaugural edition of the Time Factor Trade Report. It highlights the reasons why we were anticipating 9 Jan as a potential TOP in the Australian stock market. In actual fact, Aussies shares dropped almost 4.0% from that 9 Jan high, so it was a nice little trade for those with the knolwedge of how to time the market.

ASX 200 - 25 Jan 2017

click to enlarge

Since then, the ASX 200 has hit key Fibonacci price support.

 

ASX 200 - 25 Jan 2017 ii

click to enlarge image

Notice in the chart how the ASX 200 hit the 50.0% Fibonacci point exactly before finding support and rallying. These 50.0% Fibonacci points will regurlarly act as levels of price support and resistance, and are good levels to take profits or initiate new trade positions.

Whilst my long term price objectives on the ASX 200 indicate a move back toward 6000, I am now monitoring the key trading to Time dates to open up the next buying opportunity.

If you want to learn more about the Time Factor Trade Report, then I encourage you to visit our Trade Shop page. At $120 per month, it is invaluable material.

Time Factor Trade Report cover image

 

 

 

Until next time...

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Tuesday, 26 May 2020

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