This monthly update will analyse the weekly and the daily charts to see the current state of the Australian market.
The Australian financial (or fiscal) year ended on 30 June 2017. The Australian Share market started 2016/17 with the S&P/ASX 200 (AU200AUD) at 5267. At the end of the financial year the S&P/ASX 200 Index gain 8.54% to finish at 5717.
In case if you are wondering for the month of June 2017, the S&P/ASX 200 was down .30% to finish at 5717.
Below is the weekly chart of the S&P/ASX 200 provided by TradingView for this article.
The S&P/ASX 200 has gone through consolidation in phase first half of the 2017. In the month of June, the market started on downward trend but at the end it recovers and closed above minor support at 5700.
Below is Daily chart of the S&P/ASX 200 provided by TradingView.
Overall the S&P/ASX 200 index finished the Financial year at 5717. For the month of July (start of the new financial year), if S&P/ASX 200 held price above 5700, then we have high probability it will retest 5880. If it goes below 5700 then it may test 5640 level and may continue its current consolidation phase.
Here is a list of Australia stocks that are completely bullish:
| Ticker | Description | Price | Dir. |
| ASX-ASX | ASX FPO | 53.61 | Up |
| BGA-ASX | BEGA FPO | 6.51 | Up |
| BSL-ASX | BLUESCOPE FPO | 13.21 | Up |
| GWA-ASX | GWA GROUP FPO | 3.15 | Up |
| IAG-ASX | INSUR.AUST FPO | 6.78 | Up |
| IRE-ASX | IRESS FPO | 12.69 | Up |
| RRL-ASX | REGIS FPO | 3.78 | Up |
| SGM-ASX | SIMS METAL FPO | 15.18 | Up |
| TME-ASX | TRADE ME FPO NZX | 5.06 | Up |
Let’s now look for a trading opportunity. Since the market has closed below minor resistance, we want to make sure we trade in the direction of the higher time frames.
In using our scanner to analyse the ASX200, we found the following opportunity in our Multiple time frame email alert.
ASX 200
| Trading Timeframe | Bullish | Bearish |
| 10 Minutes | APN-ASX, APN N&M FPO (4) MPL-ASX, MEDIBANK FPO (2) IFL-ASX, IOOF FPO (4) |
|
| 30 Minutes | APN-ASX, APN N&M FPO (2) IFL-ASX, IOOF FPO (2) |
BPT-ASX, BEACH FPO (2) |
| 60 Minutes | APN-ASX, APN N&M FPO (2) MPL-ASX, MEDIBANK FPO (2) SAR-ASX, SARACEN FPO (2) |
BPT-ASX, BEACH FPO (4) RSG-ASX, RESOLUTE FPO (4) RFG-ASX, RTL FOOD FPO (4) |
| 120 Minutes | MPL-ASX, MEDIBANK FPO (4) IFL-ASX, IOOF FPO (2) SAR-ASX, SARACEN FPO (2) |
BPT-ASX, BEACH FPO (2) RSG-ASX, RESOLUTE FPO (2) RFG-ASX, RTL FOOD FPO (4) |
| 240 Minutes | MPL-ASX, MEDIBANK FPO (2) SAR-ASX, SARACEN FPO (2) |
RSG-ASX, RESOLUTE FPO (4) RFG-ASX, RTL FOOD FPO (2) |
| Daily | IFL-ASX, IOOF FPO (2) SAR-ASX, SARACEN FPO (4) |
RSG-ASX, RESOLUTE FPO (4) RFG-ASX, RTL FOOD FPO (2) |
Note: Updated Jun 29, 2017 10:55:06 PM EST
If you would like to learn how to trade like an institutional trader or learn more about our multi-timeframe email alerts, go to www.ichimokutrade.com or email us at info@eiicapital.com
EDUCATIONAL USE.
Risk Disclosure: https://www.ichimokutrade.com/c/disclaimer/
