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Trade Idea: ASX 200 – Potential Breakout Setup Near ATH | Nov 6
Chris Capre’s current live open price action & ichimoku trades: AUDNZD, CORN, WTI, USDMXN, CHRW, VIX
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ASX 200 – Potential Breakout Setup Near All Time High (monthly & daily chart)
Price Action Context
The ASX 200 is poking close to the all time highs (ATH) with the last 4 months not being able to close above the 6730 resistance level which you can see in the monthly chart.
However, looking at the daily chart, you can see a potential breakout setup forming with the price action building a series of higher lows and the energy increasing for the bulls.
LT, MT & ST are all bullish so other than trading some counter trend plays, am looking to trade the breakout while being cautious ahead of the ATH.
Key Support & Resistance Levels
R: 6730, 6900
S: 6450, 6300
Stay tuned to the members market commentary for updates.
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