This monthly update will analyse the weekly and the daily charts to see the current state of the Australian market.
Reporting season for the Australian Share market pretty much finished for the previous Financial Year 2016/17. Majority of the top 200 ASX listed companies have positive results and increased their dividend payment from a year ago. For the month of August 2017, the S&P/ASX 200 was up 4 points to finish at 5711.
Below is the weekly chart of the S&P/ASX 200 provided by TradingView for this article.
For last 4 months, the S&P/ASX 200 is going through consolidation phase. In the month of August, the S&P/ASX 200 reacted positively to various companies reporting. Currently S&P/ASX 200 trading above minor support at 5711. However, at one stage in August it dipped below major support at 5640.
Below is Daily chart of the S&P/ASX 200 provided by TradingView.
For the month of September, if S&P/ASX 200 held price above 5700, then we have high probability it will continue its current consolidation phase. On the other hand, if it stays below 5700 then it may break 5640 level again and start new bearish trend on daily timeframe.
Let’s now look for a trading opportunity. Since the market has closed above minor support, 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 opportunities in our Multiple time frame email alert.
S&P/ASX 200
| Trading Timeframe |
Bullish |
Bearish |
| 10 Minutes | MGR-ASX, MIRVAC GRP STAPLED (2) RFG-ASX, RTL FOOD FPO (2) IVC-ASX, INVOCARE FPO (2) ORI-ASX, ORICA FPO (2) |
SUL-ASX, SUPARETAIL FPO (4) MMS-ASX, MCMILLAN FPO (4) |
| 30 Minutes | SUL-ASX, SUPARETAIL FPO (4) MMS-ASX, MCMILLAN FPO (2) GOZ-ASX, GROWTHPRO STAPLED (4) TAH-ASX, TABCORP FPO (4) TGR-ASX, TASSAL GRP FPO (4) AZJ-ASX, AURIZON FPO (4) IAG-ASX, INSUR.AUST FPO (2) DLX-ASX, DULUXG FPO (2) |
|
| 60 Minutes | BGA-ASX, BEGA FPO (2) | SUL-ASX, SUPARETAIL FPO (4) NVT-ASX, NAVITAS FPO (4) |
| 120 Minutes | MGR-ASX, MIRVAC GRP STAPLED (2) RFG-ASX, RTL FOOD FPO (4) BGA-ASX, BEGA FPO (2) |
MMS-ASX, MCMILLAN FPO (2) GOZ-ASX, GROWTHPRO STAPLED (4) TAH-ASX, TABCORP FPO (4) TGR-ASX, TASSAL GRP FPO (4) AZJ-ASX, AURIZON FPO (4) IAG-ASX, INSUR.AUST FPO (4) NVT-ASX, NAVITAS FPO (4) |
| 240 Minutes | MGR-ASX, MIRVAC GRP STAPLED (2) RFG-ASX, RTL FOOD FPO (4) IVC-ASX, INVOCARE FPO (4) ORI-ASX, ORICA FPO (4) BGA-ASX, BEGA FPO (4) |
MMS-ASX, MCMILLAN FPO (2) GOZ-ASX, GROWTHPRO STAPLED (2) TAH-ASX, TABCORP FPO (2) TGR-ASX, TASSAL GRP FPO (4) AZJ-ASX, AURIZON FPO (4) IAG-ASX, INSUR.AUST FPO (4) DLX-ASX, DULUXG FPO (4) NVT-ASX, NAVITAS FPO (4) |
| Daily | MGR-ASX, MIRVAC GRP STAPLED (4) RFG-ASX, RTL FOOD FPO (4) IVC-ASX, INVOCARE FPO (4) ORI-ASX, ORICA FPO (4) BGA-ASX, BEGA FPO (4) |
GOZ-ASX, GROWTHPRO STAPLED (4) TAH-ASX, TABCORP FPO (2) TGR-ASX, TASSAL GRP FPO (4) AZJ-ASX, AURIZON FPO (2) IAG-ASX, INSUR.AUST FPO (4) DLX-ASX, DULUXG FPO (2) NVT-ASX, NAVITAS FPO (4) |
Note: Updated Aug 31, 2017 10:54:08 PM EST
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