ASX Morning call 10th August

Yesterdays plan was to buy dips down to Tuesdays low as the first day of the month can see some buying as funds re-adjust their books and buy more of what is making money to wow their clients. I had an order in the market and was taken in about an hour before trade started on some more Tariff talk and price moved up to my take profit level before the XJO came online. In hindsight I think selling 6300 would have also been a good trade.

Today we are testing unfilled extreme and closing gaps from last week. I am looking for a spike up to yesterdays closing gap at 6279 6284 area for a sell. If it blow through there selling yesterdays high 6303 up to 6329 should be ok so I will look for reversals around there. I could not imagine a lot more upside.

Might test 6211 at some stage this week if price keeps moving down so a target for longer term trades. Price is negative below 6296 today and could get as low as 6233.

There is also unfilled gaps from months ago way down around 6000 which could fill if 6200 does not hold so will be interesting to see if it gets below.