ASX – BUY – 18th August 2020

ASX – BUY – 18th August 2020 (Closed)

Good afternoon team,

The ASX has broken above a falling wedge formation suggesting we may see further upside on the index. US equities continue to grind higher due to the ongoing stimulus talks. The ASX tends to follow Wall Streets lead.

ASX200 – 4 Hour Charts

Falling wedge/bull flag breakout on a key support zone. We are looking to go long on the index in anticipation of a break above resistance at 6200.

Trade Setup: BUY – Market Execution, current price 6110, stop loss 6025 and take profit left to run but possibly targeting the 6255 level. 

Stop loss: 75 pips

Take profit: 145 pips

Trade Setup
BUY - Market Execution

Entry
6110

Take Profit
6255

Stop Loss
6025