{"id":17279,"date":"2018-11-03T00:33:14","date_gmt":"2018-11-03T00:33:14","guid":{"rendered":"http:\/\/thepatientinvestor.com\/?p=17279"},"modified":"2018-11-03T00:33:14","modified_gmt":"2018-11-03T00:33:14","slug":"asx-200-support-but-bank-decline-continues","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2018\/11\/03\/asx-200-support-but-bank-decline-continues\/","title":{"rendered":"ASX 200 support but bank decline continues"},"content":{"rendered":"

The ASX 200 continues to find support, with the latest large red candle and subsequent doji, testing primary support at 5650, accompanied by strong volume (indicated by red on the volume chart). Similar buying pressure (accumulation) is evident on 11th and 12th October.<\/p>\n

\"ASX<\/p>\n

This is sometimes lost on the weekly chart but we can see Twiggs Money Flow troughs below have leveled out above the zero line, reflecting a mild bullish divergence (not as strong as rising Money Flow troughs but still a reflection of support). What is also evident on the daily chart (above) is how this week’s rally petered out, with shorter candles, awaiting further direction.<\/p>\n

\"ASX<\/p>\n

The ASX 300 Banks Index is testing primary support at 7000, the same level as its October 2009 peak. Declining peaks on the Trend Index warn of further weakness and breach of 7000 would offer a long-term target of 5000.<\/p>\n

\"ASX<\/p>\n

I have been cautious on Australian stocks, especially banks, for a while, and hold over 30% cash in the Australian Growth<\/a> portfolio.<\/p>\n","protected":false},"excerpt":{"rendered":"

The ASX 200 continues to find support, with the latest large red candle and subsequent doji, testing primary support at 5650, accompanied by strong volume (indicated by red on the volume chart). Similar buying pressure (accumulation) is evident on 11th and 12th October. This is sometimes lost on the weekly chart but we can see … <\/p>\n

Continue reading “ASX 200 support but bank decline continues”<\/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":[251,260],"class_list":["post-17279","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","category-stock-markets","tag-asx-200","tag-asx-300-banks"],"yoast_head":"\nASX 200 support but bank decline continues - 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=\"ASX 200 support but bank decline continues - the patient investor\" \/>\n<meta property=\"og:description\" content=\"The ASX 200 continues to find support, with the latest large red candle and subsequent doji, testing primary support at 5650, accompanied by strong volume (indicated by red on the volume chart). 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Rising troughs on Twiggs Money Flow indicate secondary buying pressure. Breakout above 6800 would signal another advance. Metals & Mining The ASX 300 Metals & Mining index\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":21472,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/09\/12\/asx-200-banks-break-support-2\/","url_meta":{"origin":17279,"position":1},"title":"ASX 200: Banks break support","author":"Colin Twiggs","date":"September 12, 2020","format":false,"excerpt":"The ASX 200 is testing medium-term support at 5800, while declining Money Flow, below zero, warns of selling pressure. Breach of support is likely and would indicate a correction with an immediate target of 5200. Banks & Real Estate The ASX 300 Banks index breached support at 5500, warning of\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":17377,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/11\/09\/bank-miners-rally-should-lift-asx\/","url_meta":{"origin":17279,"position":2},"title":"Bank & miners rally should lift ASX","author":"Colin Twiggs","date":"November 9, 2018","format":false,"excerpt":"The ASX 200 displays a cautious rally, with short candles reflecting an absence of buyer enthusiasm. But bullish divergence on 21-day Twiggs Money Flow indicates longer-term confidence. The monthly chart shows similar rising troughs on 13-week Twiggs Money Flow, reflecting buyer confidence. Recovery above 6000 would be bullish, suggesting 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":21598,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/09\/19\/asx-banks-healthcare-under-pressure\/","url_meta":{"origin":17279,"position":3},"title":"ASX Banks & Health Care under pressure","author":"Colin Twiggs","date":"September 19, 2020","format":false,"excerpt":"The ASX 200 continues to test medium-term support at 5800. Money Flow, declining steeply below zero, warns of selling pressure. Breach of support is likely and would signal a correction. The immediate target is 5200, with primary support at 4500. Banks & Real Estate The ASX 300 Banks index followed\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":23471,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/01\/02\/asx-hopes-rely-on-iron-ore-and-tech-stocks\/","url_meta":{"origin":17279,"position":4},"title":"ASX hopes rely on iron ore and tech stocks","author":"Colin Twiggs","date":"January 2, 2021","format":false,"excerpt":"Iron ore reached $155\/metric ton, driven by surging demand from China, constrained supply from Brazil and, possibly, stockpiling in anticipation of further trade restrictions with Australia.. Surging iron ore prices boosted the Australian Dollar, offsetting some of the benefit to the economy. Our target is an exchange rate of 80\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":52520,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/05\/08\/asx-sector-performance-2\/","url_meta":{"origin":17279,"position":5},"title":"ASX sector performance","author":"Colin Twiggs","date":"May 8, 2024","format":false,"excerpt":"The ASX 200 jumped sharply yesterday but ran into resistance at 7800 today. Declining peaks on the Trend Index warn of secondary selling pressure and another test of support at the recent lows (orange line) is likely. The 6-month chart shows the up-trend losing momentum. Breakout above 7900 is less\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":"ASX 200","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-05-08-xjo.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-05-08-xjo.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-05-08-xjo.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/17279","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=17279"}],"version-history":[{"count":1,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/17279\/revisions"}],"predecessor-version":[{"id":17280,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/17279\/revisions\/17280"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=17279"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=17279"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=17279"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}