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Global Markets come under pressure so here are some ASX shares to watch in coming days…both short and long!!
With the recent selloff in the US triggering fear back into the markets, we should be mindful of our risk levels and on the look out for some opportunity if the chance arises.
Below are a few shares to watch as they have interesting price action and could provide some opportunity with the increasing volatility.
There are some shorts that could be either a good way to hedge or just a new trade…along with some potential long setups.
Hope you enjoy
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FMG Potential Short setup
FMG has failed to push and hold above the $19.67 level and today is holding below the EMAs. If price can not get higher and breaks below todays lows, then I expect a push down into rising daily support around the $18.25/30 area.
CSL Potential Short setup
CSL has rejected a push above $279.70 and since came under pressure. For now, I would still need to see more price action play out but if global markets continue to come unstuck, then expecting to see CSL break down below the $268 level for a short opportunity.
NST Potential Long setup
NST has been pushed down to support and I feel that Gold wants to finally put in an effort for a rally. Goldies may be thinking the same as price holds between $8.40 and $8.81. If we see a break up through $8.81, I expect to see buyers dragged into the action for a move up.
EVN Potential Long setup
EVN is much the same as NST as price holds down on major support. It seems that the sellers have been exhausted so will be watching the share to lift through $3.50 for the setup.
AKE Potential Long setup
AKE looks good on the daily timeframe but is holding up at resistance. Ideally I would like to see a pullback for a higher low to hold to confirm that buyers are going to support a move to higher prices.
EDV Potential Long setup
EDV flushed down and recovered well today to work up off $7.63. If we see price move up through $7.77 is coming sessions, I expect to see a move up through $7.91 highs. The daily trend is up.
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