AUS200 Update – Confluence of Signals

Author: Vin Coco, participant of the Analyst Contest

As mentioned as a possibility in the previous analysis, the AUS200 continued its climb until reaching a previous turncoat resistance and the upper part of a descending channel based on W chart (drawn in dotted red).
Note also how in the last past 4 sessions the EMA (green line) and also the SMA20 (blue) have been able to act as a support and also that the middle line of the ascending blue channel has helped to uphold the price.

Now the level 5020/5027 has been reached and passed (stop catching?), this gives us to think about the fact that the bulls have probably for the moment exhausted their strength.

On Image 1 you can note a new very nice bear confirmation, a Dark Cloud Cover at W resistance.

On Image 2 the Bear Shark has a new setting but is still valid.

In addition to what"s above, the Image 3 introduces the presence of a new fibo pattern to, a bear ABCD.

The divergence on the Stochastic remains unchanged.

Please also note also how the Bollinger Band has been perforated by today"s candle, indicating that the market now can truly be in overbought condition.

Comments below are welcome.

Source:: AUS200 Update – Confluence of Signals

About the Author
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