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Long ASX towards the immediate trendline

Long ASX towards the immediate trendline | 09 June 2017

Long ASX towards the immediate trendline

Long ASX towards the immediate trendline

Technical Observation
Recently, the Australian index was rejected from the daily support line 5692.5 but is currently rallying towards a major resistance trend line. Unless there's a clear bullish breach above this trend line, I expect a possible rejection from this line to short this index towards 5692.5. A break below this support will lead to further downward movements probably towards 5374.3.

Technical levels:

Resistance levels
R1: 6001.1
R2: 5496.2
 
Support Levels
S2: 5692.3.
S3: 5374.3
Trade Signal

Long ASX towards the immediate trendline.
Look for buy opportunity towards 1353.5
Long ASX towards the immediate trendline
Technical Observation

Last week, the German stock index could not hit the lows of 12416.0, instead, this index turned around slightly before hitting this support and is currently rallying upwards. I expect further move to the upper side but rather than going long, I advice waiting for a clear sign that this is not a false breakout and that the price is heading long. 

Technical levels:

Resistance levels

R1: 10777.5

R2: 13537.5
Support Levels
S2: 8970.9
S3: 12416.0
Trade Signal

Look for buy opportunity towards 1353.5.
Long Silver towards 18.61
Long ASX towards the immediate trendline
Technical Observation

Last week, silver rose slightly to the upper side but is still showing possible signs of rising even further up. I expect an ascend towards the weekly resistance line 18.61, then a rejection from this line. On the weekly chart above, long positions seems more ideal towards the just mentioned resistance or upon a breakout above it.


Technical levels:

Resistance levels

R1: 22.01

R2: 24.84
Support Levels

S1: 16.01

S2: 14.40
 
Trade Signal

Long Silver towards 18.61
 

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Imelda Maseno
Analyst of «FreshForex» company
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