Recently #ASX broke down below a key supportive zone 5640.9-5595.5, last week, it declined steadily with a big red candle towards the support 5036.8 and my expectation this week is a correction to the just broken zone followed by a rejection within it for possible bearish rally towards 5036.8 and a possible breakout below it for a further decline towards 4559.5.I am waiting for the correction to 5640.9-5595.5 and a bounce within it to sell #ASX with my take profit at 5036.8 and stop loss at 5806.7. Should there be a clear penetration below 5036.8 with a big red candle, I’ll wait for a pullback before you continue short with this #ASX.
Trade recommendationWait for a correction to 5640.9-5595.5 to sell #ASX your take profit at 5036.8 and stop loss at 5806.7.
In the previous week, #IBM went down below a key support level 115.36 with a big red candle and as long it is contained below it only bearish price rally may be anticipated, this week I expect a correction to the just broken key level followed by a bounce at it to pick short position with my take profit at 89.13 and stop loss at 126.62.On the way downwards the key levels to look for include; 89.13 and 70.89. Long positions may only be advisable in case of a clear penetration above 115.36 with a big green candle followed by a correction to it more than once confirming possible bullish price rally towards the resistance zone 140.20-137.91.
Wait for a pullback to 115.36 to sell #IBM with your take profit at 89.13 and stop loss at 126.62.
#DAX30 is rallying around a supportive level 1033.5, my expectation is either bearish momentum towards the level followed by a breakout below it for a further decline in price towards 8951.3, or a bounce at it followed by possible bullish price rally towards the key resistance zone 118434.0-11683.0 and a bounce within it to pick short positions. You can remain flat for now and wait for the correction to 118434.0-11683.0 and a rejection within it to sell #DAX30 with your take profit at 10313.5 and stop loss at 12418.0, or a clear penetration below 10313.5 with a big red candle followed by a correction to it to sell #DAX30.
Trade recommendationRemain flat.