Weekly Price Action Setups & Key Levels | Apr 9-14
My Current Active Open Trades: AUDUSD, AUDNZD, EURGBP, EURCHF, EURPLN, GBPNZD, XAUTHB
ASX 200 – Looking To Sell At Multi-Year Resistance (weekly chart)
Continuing it’s impressive bull run since Q1 2016, the ASX 200 is marching towards a multi-year high around 6K. This level was last reached in 2015, and has held since 2008.
I believe there will be some profit taking at this level, and thus a trading opportunity to short, while playing both sides. Meaning if the short holds, we’ll keep the trade open, but if the 6K level breaks, we’ll look out for a BOPB setup.
Only a weekly close above 6K would switch my price action structural bias to bullish MT. Downside I’d be looking to target 5830, 5600 and potentially 5K.
Netflix – Looking Stable Above Key Support Zone, Bullish Bias (weekly chart)
After taking out it’s prior all time highs around 133, Netflix (NFLX) has remained buoyant and held above this zone for over two months now with only some minor weekly losses.
For now I’m bullish while above the key resistance zone (~133-128) on a weekly closing basis. Upside targets would be 150, 175 and 200. Meanwhile I wouldn’t consider shorts until we had a weekly close below 120 (110 for more conservative traders).
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