{"id":16707,"date":"2018-07-20T23:40:02","date_gmt":"2018-07-20T23:40:02","guid":{"rendered":"http:\/\/thepatientinvestor.com\/?p=16707"},"modified":"2018-07-20T23:40:02","modified_gmt":"2018-07-20T23:40:02","slug":"banks-buoy-the-asx-200","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2018\/07\/20\/banks-buoy-the-asx-200\/","title":{"rendered":"Banks buoy the ASX 200"},"content":{"rendered":"

The ASX 300 Banks index overcame resistance at 8000 after retracement successfully respected the new support level. Breach of the descending trendline suggests that a bottom is forming. A higher low on the next correction, followed by a new high, would signal the start of a primary up-trend.<\/p>\n

\"ASX<\/p>\n

The banking sector remains squeezed by higher funding costs, falling credit growth and rising default risk<\/a> and I remain cautious.<\/p>\n

The ASX 300 Metals & Mining index broke support at 3800, warning of a correction.<\/p>\n

\"ASX<\/p>\n

The ASX 200 is consolidating below resistance at 6300. Long tails for the last two weeks indicate buying pressure. Breakout is likely and would confirm the primary advance. Target is the October 2007 high at 6750.<\/p>\n

\"ASX<\/p>\n

Technical signals suggest a primary advance while economic indicators<\/a> warn of rising headwinds and a potential bear market. So I remain cautious, with more than 30% cash in the Australian Growth<\/a> portfolio.<\/p>\n","protected":false},"excerpt":{"rendered":"

The ASX 300 Banks index overcame resistance at 8000 after retracement successfully respected the new support level. Breach of the descending trendline suggests that a bottom is forming. A higher low on the next correction, followed by a new high, would signal the start of a primary up-trend. The banking sector remains squeezed by higher … <\/p>\n

Continue reading “Banks buoy the ASX 200”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,57],"tags":[251,261,263],"class_list":["post-16707","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","category-stock-markets","tag-asx-200","tag-asx-300-banks-index","tag-asx-300-metals-mining-index"],"yoast_head":"\nBanks buoy the ASX 200 - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banks buoy the ASX 200 - the patient investor\" \/>\n<meta property=\"og:description\" content=\"The ASX 300 Banks index overcame resistance at 8000 after retracement successfully respected the new support level. Breach of the descending trendline suggests that a bottom is forming. A higher low on the next correction, followed by a new high, would signal the start of a primary up-trend. 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Breach of support is likely and would signal another test of primary support at 7300. The ASX 300 Metals & Mining index broke short-term support at 3600 and is headed for\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16932,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/09\/01\/asx-200-hesitant-3\/","url_meta":{"origin":16707,"position":1},"title":"ASX 200 hesitant","author":"Colin Twiggs","date":"September 1, 2018","format":false,"excerpt":"The ASX 300 Banks index found support at 7700 and retraced to test its new resistance level at 8000. Respect is likely and would confirm another test of primary support at 7300. The ASX 300 Metals & Mining index made a weak retracement to test 3750, suggesting strong selling pressure.\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16796,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/08\/04\/asx-200-retreats-3\/","url_meta":{"origin":16707,"position":2},"title":"ASX 200 retreats","author":"Colin Twiggs","date":"August 4, 2018","format":false,"excerpt":"The two largest sectors in the ASX 200 are both retreating from recent highs. The ASX 300 Metals & Mining index is testing support at 3750. Breach of support and the rising trendline would warn of a test of primary support at 3400. The ASX 300 Banks index reversed below\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16763,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/07\/28\/iron-ore-bounce-lifts-the-asx\/","url_meta":{"origin":16707,"position":3},"title":"Iron ore bounce lifts the ASX","author":"Colin Twiggs","date":"July 28, 2018","format":false,"excerpt":"Iron ore spot prices bounced off support at $63\/tonne. Follow-through above $68 would suggest another rally to test resistance at $80 but that seems unlikely given the current threat of a trade war. The ASX 300 Metals & Mining index found support at 3750. Breakout above 4000 would signal another\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16890,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/08\/24\/asx-200-hurt-by-banks-and-miners\/","url_meta":{"origin":16707,"position":4},"title":"ASX 200 hurt by banks, miners and politics","author":"Colin Twiggs","date":"August 24, 2018","format":false,"excerpt":"After a false break above 8100 the ASX 300 Banks index completed a bull trap with reversal below 7900. Expect a test of primary support at 7300. Resources stocks continued their correction, with the ASX 300 Metals & Mining index finding short-term support at 3600. Follow-through is likely and would\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16824,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/08\/11\/asx-200-buying-pressure\/","url_meta":{"origin":16707,"position":5},"title":"ASX 200 buying pressure","author":"Colin Twiggs","date":"August 11, 2018","format":false,"excerpt":"The ASX 300 Metals & Mining index continues to test support at 3750. Breach of support and the rising trendline would warn of a correction to 3400. The ASX 300 Banks index recovered above 8000, the false break suggesting another rally, targeting 8500. I remain wary of banks, however, because\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/16707","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=16707"}],"version-history":[{"count":1,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/16707\/revisions"}],"predecessor-version":[{"id":16708,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/16707\/revisions\/16708"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=16707"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=16707"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=16707"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}