Saxo's suggested strategy for shorting the ASX 200
Saxo Capital Markets’ traders of the Australian desk have now determined where the next resistance is for the S&P/ASX 200Index. The weekly chart shows the formation of a Shoulder-Head-Shoulder pattern, with a neck line at 5,452, which has already been broken. According to Saxo traders, this neck line is expected to become the resistance level in the near term, which would provide “an ideal opportunity” to short the Australian index. Saxo traders believe the S&P/ASX 200 index will make some retracements in the next 2 to 3 weeks. So if the index recovers itself in the next few days, it will only be a chance to be better positioned in the new downward trend. To know where the next profit target is in this short trade and also where you should place your stop loss, visit: (VIEW LINK)
Saxo Capital Markets (Australia) Pty Ltd is a wholly owned subsidiary of Saxo Bank A/S, a global online trading platform specialist. We enable investors the ability to trade FX, CFDs, Stocks, Futures & other derivatives from one account....
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