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The ASX200 may be on the brink of a rally so time to take a look at some shares!
The ASX200 is showing some bullishness in a generally longer term bearish market. I feel that the bargain hunters are out to play and the Index may have a run higher thanks to the easier stance from the RBA on interest rate rises.
With the US going into earnings, I expect that they will generally be supported which may flow over in to our local market.
Expect that investors will continue to be cautious and the ASX200 susceptible to selloffs in the US so I remain tentative on longs and happy to utilise tight risk management.
Below is a chart of the ASX200 which shows that we are currently holding a higher low off a major double bottom and setting for a run up into the 7031 level….enough to get patient bulls excited.
So it may be timely to look at some prime price action setups that could provide some shorter term trading opportunities on the ASX (charts below on a daily basis and only take into account the technical price action not any fundamentals). Note that each stock has a Market Cap between 400 Million and 2 Billion.
Happy Trading!!
Braden
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