ASX200 - BUY - 15th November 2021




ASX200 - BUY - 15th November 2021 (Closed)


Good morning team,

I have been tracking the ASX for a long trade opportunity, and the pullback in the market since Friday appears to have set up the correct structure. Looking across global indices the majority are trading in record-high territory and have a bullish outlook, however, the ASX has been lagging behind. We are now expecting the ASX to pick up some momentum due to metal/mining stocks running higher. This will benefit the ASX due to the mining sector being one of the largest contributors to the Australian GDP.

ASX – Weekly Chart

There is a bullish rising channel structure alongside a number of bullish candlestick formations on the weekly time frame. The long wicks coming down indicate buying pressure in the market.

 

ASX – 4 Hour Chart

There is also a technical inverse head and shoulders formation in play, which indicates a bullish reversal.

Trade Setup: BUY market execution, current price 7477 (Focus Markers), stop loss 7320 and take profit target 7800-7900.

Stop loss: 157 pips

Take profit: 323-423

Trade Setup
BUY - Market Execution

Entry
7477

Take Profit
7800-7900

Stop Loss
7320