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ASX 200 - time and price analysis

I have been waiting for the right moment to initiate long positions on the ASX 200 index. Not only are we approaching a critical time point, but the index is now moving into price levels that represent solid buying support.

The chart below shows the active trend lines that the ASX 200 has been respecting over the past month.  You will notice this week that the recent upward trend line was breached to the downside, indicating to me that we could move down into the 5080 level before getting some price support.

ASX 200 - Nov 5 2016 trend lines

click to enlarge

The key time frames to watch are shown in the next chart.

ASX 200 - Nov 5 2016 price time analysis

click to enlarge

You can see from the chart above that the dates 16/17 November and 24/25 November need to be respected for possible dates of a change in trend.  If price is moving down into the 5050 to 5080 region around those dates, it will be very tempting to initiate a long trade for a possible move higher.

Until next time...

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Wednesday, 29 January 2020

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