The AUS200 has formed an interesting monthly range which offers both the buyers and sellers equal strength. Which side will prevail this mid-May?

Second analysis today goes to the AUS200 index.

Since I still have an over-a-month March 13 pending trade plan, I’ve decided to share a new one.

https://www.finlogix.com/analysis/20240313/aus200-intraday-analysis-and-trading-plan-for-march-13-2024

Still 2 losses and no win over all record.

There are 3 major Australian economic reports this week starting tomorrow.

Re-assessing AUS200’s high timeframe candles:

Yearly Candle: Still a Green Long-Legged Spinning Top since last check

Monthly Candle: Previous close is a Red Body with a Longer Tail Wick current is a Green Body with a Longer Head Wick

Weekly Candle: Previous close is a Green Long Upper Shadow current is a Small Green Doji

Daily Candle: Previous close is a Green Long Upper Shadow with a Small Body current is a Red Hammer with a Small Body

Yearly pattern remains intact since my last check.

May is forming a bullish engulfing sandwiching the March-April double top after the April-May double bottom has formed!

An interesting monthly range! The bullish monthly FVG is still holding up.

On the weekly, the price is ready to either go up or down which can be seen well in the daily view as well.

Meanwhile on the 4H view, after a triple testing on 7,500 levels as support, the AUS200 bulls have taken control sending the price higher by breaking the 7,700 level turning it into a new support level at time of writing this article.

There’s a 4H golden crossing happening plus a double bottom formation which can lead to a re-test towards the internal 7,800 resistance level.

From here, the major psychological 8,000 level can be the next target if the bulls decide to send its price higher.

While I’m short for my previous pending trade plan, this time I’m going for a long.

This is the first time since I’ve started sharing my analysis here at Finlogix to open 2 simultaneous in 1 trading instrument.

Will open a long position on potential pullback with the following orders:

Let’s see which pending trades shall go in first.

I have a high chance of breaking even from either trade.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

AUS200 Intraday Analysis and Trading Plan For May 14, 2024

May 14 2024

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