Australia Stock Market Monthly Update: December 2017

Posted on December 7th, 2017 by

This monthly update will analyse the weekly and the daily charts to see the current state of the Australian market.

The Australia Market started a bullish trend in November 2016.  However, this year between June and September 2017 the S&P/ASX 200 went through consolidation phase. In the month of November, it finally come out of consolidation phase and break the major resistance at 5900.

For the month of November 2017, the S&P/ASX 200 was up 105 points to finish at 6013. However, at one stage in November it went above 5640.

Below is the weekly chart of the S&P/ASX 200 provided by TradingView for this article.

 

Below is Daily chart of the S&P/ASX 200 provided by TradingView.

Now the question is will it continue its bullish trend from November or will it try to test minor resistance on 5772? For the month of December, if S&P/ASX 200 held price above 5900 (major resistance), then we have high probability it will continue its current bullish trend. On the other hand, if price goes down to 5772 then it may start new bearish phase.

Let’s now look for a trading opportunity. Since the market has closed above major resistance, we want to make sure we trade in the direction of the higher time frames.

In using our scanner to analyse the ASX200, we found the following opportunities in our Multiple time frame email alert.

S&P/ASX 200

Trading Timeframe Bullish Bearish
10 Minutes TME-ASX, TRADE ME FPO NZX (2)
MMS-ASX, MCMILLAN FPO (4)
INM-ASX, IRN MTN CDI 1:1 (2)
30 Minutes TME-ASX, TRADE ME FPO NZX (2)
VCX-ASX, VICINITY STAPLED (4)
SCG-ASX, SCENTRE STAPLED (4)
SUN-ASX, SUNCORP FPO (2)
BAL-ASX, BELLAMYS FPO (4)
60 Minutes TME-ASX, TRADE ME FPO NZX (2)
MMS-ASX, MCMILLAN FPO (2)
SCG-ASX, SCENTRE STAPLED (2)
SUN-ASX, SUNCORP FPO (2)
INM-ASX, IRN MTN CDI 1:1 (4)
BAL-ASX, BELLAMYS FPO (2)
RFG-ASX, RTL FOOD FPO (4)
120 Minutes MMS-ASX, MCMILLAN FPO (2)
SCG-ASX, SCENTRE STAPLED (2)
SUN-ASX, SUNCORP FPO (2)
INM-ASX, IRN MTN CDI 1:1 (4)
BAL-ASX, BELLAMYS FPO (4)
RFG-ASX, RTL FOOD FPO (2)
240 Minutes VCX-ASX, VICINITY STAPLED (4) INM-ASX, IRN MTN CDI 1:1 (2)
BAL-ASX, BELLAMYS FPO (4)
RFG-ASX, RTL FOOD FPO (2)
Daily VCX-ASX, VICINITY STAPLED (4) RFG-ASX, RTL FOOD FPO (2)

Note: Updated Dec 06, 2017 10:59:12 PM EST

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