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PROCESS IS KEY….DEFINE LEVELS – MARK EXPECTED PRICE ACTION – TRADE THE SETUPS
A look at the price action for the Australian ASX200 Index.
The recent price action has been very choppy and directionless leaving both bulls and bears scratching their heads. I expect that this uncertain theme will continue in the short term with the mid to longer term action largely range bound.
In the short term, I expect to see a swing lower and if recent price action is any indication, we will see the recent low taken out. This suggests a minimum 4% move lower from current levels around 7260. If we see the Global macro environment deteriorate, I expect to see share prices across the board come under pressure.
The Bullish argument is that we are coming to an end to the rate rising cycle although I feel the elevated cost of living will hold spending back for a while yet.
In the video I look at the ASX200 daily charts and the short term hourly and give a break down of the technical view.
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