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Short-term reversal pattern setup completed today on the daily...

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DmitriMA

3,410 Posts.

221

09/10/20

22:42

Post #: 47990542
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Originally posted by Leroy Peterson: ↑

Wouldn't go as far as saying it's a fake rally, the budget announcement is bullish for companies. Along with coasting iron ore, slightly higher oil price, weaker USD/stronger AUD.

Anyone else see a topping pattern for the ASX All ordinaries? Peaked in early June, 25th August got the peak again, and finally today. Not to mention we've also seen a swing of the all ordinaries the last few days: starts slightly positive or negative, then changes direction throughout the day.
I wanted to see BBOZ & BBUS hit new lows (7.80 & 1.85 respectfully), but I might take a punt on both before close today. See what next week brings.

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Short-term reversal pattern setup completed today on the daily chart.
I'd be looking for the ASX200 to pull back to 6000 or a bit lower, and the ALL ORDS to pull back to a bit under 6200.
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