{"id":293404,"date":"2020-10-12T20:37:19","date_gmt":"2020-10-12T09:37:19","guid":{"rendered":"https:\/\/www.gomarketingteam.com\/articles\/cotd-asx200-can-a-bullish-pattern-aid-the-rebound\/"},"modified":"2021-02-19T12:13:20","modified_gmt":"2021-02-19T01:13:20","slug":"cotd-asx200-can-a-bullish-pattern-aid-the-rebound","status":"publish","type":"post","link":"https:\/\/www.gomarkets.com\/en\/daily-news\/cotd-asx200-can-a-bullish-pattern-aid-the-rebound\/","title":{"rendered":"ASX200 – Can A Bullish Pattern Aid The Rebound?"},"content":{"rendered":"
ASX200 – Point & Figure<\/strong><\/h5>\n
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ASX200 –<\/strong><\/h5>\n

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Talk of a potentially aggressive stimulus package has helped boost the ASX200 as it looks to extend its recovery from the March lows. Using the point and figure method, we’ll be looking to highlight potential pockets of supply and demand levels to monitor during the upcoming sessions.<\/p>\n

What initially sparked the interest in today’s chart is the emergence of a bullish flag chart pattern, as shown in the chart above. While the low of 5738 forms the base, it has also collided with the current bullish support line suggest the uptrend remains healthy and intact.<\/p>\n

The upper-part of this flag pattern at 6100 looks set to form a triple-top while waiting for that all-important breakout to the upside. If this should occur, 6410 is the next upside target where demand may find resistance, followed by the recent high of 7082.<\/p>\n

A breakout to the downside past 5738 would violate the overall trend at paint a more bearish scenario. The level of 5480 where the previous surge in demand took place could end up providing support for the index and slow supply.<\/p>\n

Fundamentally, we would perhaps need a further downgrade of trade negotiations between Australia and China to take place or even just a sudden pull of the global markets in general to spark a sell-off. Still, for the time being, the chart outlook appears quite bullish.<\/p>\n

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Note: Click on charts to enlarge.<\/p>\n

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By Adam Taylor CTEe<\/strong><\/p>\n

.@<\/a>adamt_trading<\/a><\/p>\n

Sources: Go Markets, Meta Trader 5, TradingView, Bloomberg<\/p>\n

Disclaimer: The articles are from GO Markets analysts, \u00a0based on their independent analysis or personal experiences. Views or opinions or trading styles expressed are of their own; \u00a0should not be taken as either representative of or shared by GO Markets.\u00a0 Advice (if any), \u00a0are of a \u2018general\u2019 nature and not based on your personal objectives, financial situation or needs.\u00a0 You should therefore consider how appropriate the advice (if any) is to your objectives, financial situation and needs, before acting on the advice.\u00a0 If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.<\/p>\n

<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

ASX200 – Point & Figure ASX200 –   Talk of a potentially aggressive stimulus package has helped boost the ASX200 as it looks to extend its recovery from the March lows. Using the point and figure method, we’ll be looking to highlight potential pockets of supply and demand levels to monitor during the upcoming sessions. […]<\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[129,2816],"tags":[],"yoast_head":"\nASX200 - Can A Bullish Pattern Aid The Rebound? - GO Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.gomarkets.com\/en\/daily-news\/cotd-asx200-can-a-bullish-pattern-aid-the-rebound\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ASX200 - Can A Bullish Pattern Aid The Rebound? - GO Markets\" \/>\n<meta property=\"og:description\" content=\"ASX200 – Point & Figure ASX200 –   Talk of a potentially aggressive stimulus package has helped boost the ASX200 as it looks to extend its recovery from the March lows. 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