Bearish breaks in ASX 200 SPI futures often don’t stick
Dips below 7685 in Australian ASX 200 SPI futures have made for good buying in June. Will the latest be any different?
Yes, the price action looks terrible having broken out of the pennant in the overnight session, so I’m not rushing the buy the dip. But if we see the move stall during the session, there are grounds for a cheeky long with a stop below the session lows for protection. I expect Chinese stock indices may be influential today given the quiet data calendar.
7685 would be the initial target with the 50-day moving average the next after that. If the trade were to move in your favour, consider lifting your stop to entry level to provide a free shot on upside.
Selling the break right now comes across as a low probability setup. But if SPI were to sink back to 7615, that will provide far better setups depending on how the price interacts with the level.
DS
Yes, the price action looks terrible having broken out of the pennant in the overnight session, so I’m not rushing the buy the dip. But if we see the move stall during the session, there are grounds for a cheeky long with a stop below the session lows for protection. I expect Chinese stock indices may be influential today given the quiet data calendar.
7685 would be the initial target with the 50-day moving average the next after that. If the trade were to move in your favour, consider lifting your stop to entry level to provide a free shot on upside.
Selling the break right now comes across as a low probability setup. But if SPI were to sink back to 7615, that will provide far better setups depending on how the price interacts with the level.
DS
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