There are a couple of trades being prepped ready for this evening.
The Australian stock market appears to have broken out of a bull flag structure on the shorter-term time frame after trading sideways for a number of weeks. This could be the start of the next leg higher on the index.
ASX Daily Charts
The rising wedge structure is something to keep a close eye on, however, there has been a classic breakout above 7190 followed by a retest on the new support level. There is still room to the upside inside the wedge structure.
Trade Setup: BUY Market execution, current price on Focus markets is 7350, stop loss set at 7290 and take profit target 7491.
Stop loss: 60 pips
Take profit: 140 pips
Focus Markets – 1 contract = $10 per pip
Fusion Markets 1 contract = $1 per pip