ASX 200 Technical Analysis - Thursday, July 15

Elliott Wave Analyst - tradinglounge • Jul 15, 2021 at 4:37 AM EDT

Australian banking sector XXJ long term Elliott wave count suggests holding banks for the longer term.

ASX 200 (XJO) Technical Analysis Bullish corrective pattern completed with the first impulse wave upwards as Wave (i). Expect Wave (ii) Wed and Thursday and Friday bullish in line with the bullish weekly cycle.

Today, I also look at the Woodside WPL and Santos STO for long trade setups. Resource stocks like BHP, RIO, FMG are moving up in line with the Elliott wave analysis.

Australian banking sector XXJ long term Elliott wave count suggests holding banks for the longer term, holding through any corrective pattern for share traders but not CFD traders because of the overnight financing costs of CFDs which are actually highly expensive.

Trading Levels: ASX200 Support on the Minor level, top of Minor Group1 and Sub group1 7330 creates long trades
ASX200 Elliott Wave:abc of Wave (ii) retracement in play
ASX200 Trading Strategy: Buy on Wave c of (ii) and or buy new highs see video

Video Length: 00:54:47

Disclosure:

As with any trading or investment opportunity there is a risk of making losses especially in day trading or investments that Trading Lounge expresses opinions on. Note: Historical trading results are no guarantee of future returns. Some investments are inherently more risky than others. At worst, you could lose your entire investment and more TradingLounge™ uses a range of technical analysis tools, such as Elliott Wave, software and basic fundamental analysis as well as economic forecasts aimed at minimising the potential for loss. The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without taking into account your particular objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide, tradinglounge takes no responsibility whatsoever for your trading profits or losses. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice in light of your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in Indices Stocks shares Forex CFDs Options Spread Betting derivatives of any kind / products is appropriate for you in light of your financial trading circumstances.

Comments

Back to all articles

More from this Author

Ripple Crypto Price Today

U.S. Stocks Nvidia Corp.

Elliott Wave Technical Analysis: New Zealand Dollar/U.S. Dollar - Monday, July 21