Does the bounce today on the ASX mean the bulls are back
The ASX was hit hard yesterday only for the bulls to come back today and ramp prices back up....it is just like the selloff yesterday was a mistake...or the bulls took the day off.
On the flip side, is the spike down yesterday a sign of some volatility to come. Price is now at an important level where we may see either a run back to 6200 or a lower high hold.
Both the bulls and bears have a good argument....bears, the economy is struggling, inflation easing, unemployment rate spiked etc....for the bulls...ahh....momentum.
As long as the US continue to drive to new highs, expect the ASX to hold in the new range....but if the cracks start to appear in the US, a break of 5886 will be on the cards.
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On the flip side, is the spike down yesterday a sign of some volatility to come. Price is now at an important level where we may see either a run back to 6200 or a lower high hold.
Both the bulls and bears have a good argument....bears, the economy is struggling, inflation easing, unemployment rate spiked etc....for the bulls...ahh....momentum.
As long as the US continue to drive to new highs, expect the ASX to hold in the new range....but if the cracks start to appear in the US, a break of 5886 will be on the cards.
-------------------------------------------------------------
WE TRADE WHAT WE TEACH
Check out our recent Live Streams from our profile page!!
-------------------------------------------------------------
** If you enjoy our free content, please support and follow our profile, by hitting the Follow button to get further high quality ideas. **
** If you are following our ideas any comments and likes are most welcome and will be greatly appreciated **
** With quality alerts and correct Risk Management, you can learn consistency and grow your account **
** With quality portfolio management and defined risk levels to help your account grow and achieve steady profit targets while increasing your trading edge. **
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