We spoke about this SPI 200 daily level a couple of days ago and as the Aussie market opens today, the price action looks too good to ignore.
First of all, let’s wind back to what we had to say in Tuesday’s blog and focus on the daily level that we were looking to trade around:
SPI 200 Daily:
As you can see, price has once again held here at the green ‘x’, giving us an opportunity to try to build a short position. Zoom into the intraday charts and try to identify pullbacks into previous short term support that could be used as resistance.
Strong higher time frame resistance has held and we are therefore on the lookout for pullbacks to short.
Take a look at this morning’s SPI 200 hourly chart:
SPI 200 Hourly:
