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ASX could form a double top around 6005.2

ASX could form a double top around 6005.2 | 19 May 2017

Long ASX only up to 6005.2

ASX could form a double top around 6005.2

 

Technical Observation

Recently,  the Australian Index plunged down into the daily support support line 5820.6. I expect a possible rejection from this support to long this index towards the weekly resistance line 6005.2. This weekly resistance is very crucial and unless there's a clear breakout and a confirmation, I may be hesitant  to long this index especially above 6005.2. This resistance line has only been used once in March 2015 and now is the second time, unless its broken clearly and the breakout confirmed, I remain hesitant to long this index

Technical levels:

Resistance levels
R1: 6005.2
R2: 5704.2
Pivot
5835.2
Support Levels
S1: 5148.5
S2: 5752.2

Trade Signal
Long  ASX only up to 6005.2
Long Silver towards 24.55
ASX could form a double top around 6005.2
Technical Observation
Recently, Silver retraced to a key support zone 22.19-21.78 but could not penetrate below.  Unless there's a clean bearish breach below this zone, I expect a possible rejection from this zone to long silver towards the resistance line 24.55. In case of a bearish breakout, its better to wait for retracement to the just broken zone to short silver towards 19.49. On the weekly chart above, a move to the upper side seems more ideal and guaranteed than the opposite.


Technical levels:

Resistance levels

R1: 24.55

R2: 26.50

Pivot Point
22.20
Support Levels

S1: 22.19

S2: 19.49

 


Trade Signal

Long Silver towards 24.55
Spanish index retracing
ASX could form a double top around 6005.2
Technical Observation
Recently, the Spanish index gaped above a key resistance zone 10492.3-10356.5, spiked higher but is currently retracing towards the same zone. I expect the current pullback to continue but only up to within the support zone 10492.3-10356.5. Conservative traders should place a pending buy limit order within this zone just in case the price retrace back to this zone.

Technical levels:

Resistance levels

R1: 11534.0

R2: 113.81

Pivot Point
9994.2
Support Levels

S1: 10492.2

S2: 9275.2

Trade Signal
Long IBEX35 around 10492.3-10356.5 towards 11534.0

 

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Imelda Maseno
Analyst of «FreshForex» company
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