2nd Skies Trading

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.

Trending Analysis

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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