{"id":19051,"date":"2019-10-12T03:46:07","date_gmt":"2019-10-12T03:46:07","guid":{"rendered":"https:\/\/thepatientinvestor.com\/?p=19051"},"modified":"2019-10-12T03:46:07","modified_gmt":"2019-10-12T03:46:07","slug":"asx-hesitates-in-its-downward-slide","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2019\/10\/12\/asx-hesitates-in-its-downward-slide\/","title":{"rendered":"ASX hesitates in its downward slide"},"content":{"rendered":"

There is a hint of optimism in the air, with the year-on-year decline in housing prices slowing, to around -5% nationally, on the back of lower interest rates.<\/p>\n

\"Housing\"<\/p>\n

The ASX 200 hesitated in its downward slide but is still likely to test support at 6400. Breach would offer a target of 5400.<\/p>\n

\"ASX<\/p>\n

Iron ore continues to trade in a narrow range above short-term support at $90, suggesting continuation of the down-trend. Breach would offer a medium-term target of $80 per ton.<\/p>\n

\"Iron<\/p>\n

The ASX 300 Metals & Mining index is testing long-term support at 4100. Breach would complete a head and shoulders<\/a> reversal, with a target of 3400.<\/p>\n

\"ASX<\/p>\n

The Financial sector hesitated slightly, after a sharp fall last week. The rebound was undermined by an ANZ profit downgrade<\/a>:<\/p>\n

ANZ today announced its second half 2019 Cash Profit will be impacted by a charge of $559m (after-tax) as a result of increased provisions for customer related remediation.<\/p><\/blockquote>\n

Major banks’ net interest margins are also under increasing pressure as the RBA lowers interest rates.<\/p>\n

\"Net<\/p>\n

Expect ASX 200 Financials to test primary support at 6000. Breach would signal a primary decline, with a target of 5200.<\/p>\n

\"ASX<\/p>\n

REITs are surprisingly soft in a financial market desperate for yield. But there is wide disparity in the sector, with BWP for example surging, while office and industrial fund Dexus (DXS) is undergoing a sell-off.<\/p>\n

\"ASX<\/p>\n

We maintain exposure to Australian equities at 25% of portfolio value, with a focus on defensive and contra-cyclical stocks, because of our bearish long-term outlook.<\/p>\n","protected":false},"excerpt":{"rendered":"

There is a hint of optimism in the air, with the year-on-year decline in housing prices slowing, to around -5% nationally, on the back of lower interest rates. The ASX 200 hesitated in its downward slide but is still likely to test support at 6400. Breach would offer a target of 5400. Iron ore continues … <\/p>\n

Continue reading “ASX hesitates in its downward slide”<\/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":[40,43,57],"tags":[251,4003,262,1732,1902,2439],"class_list":["post-19051","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","category-commodities-gold-commodities","category-stock-markets","tag-asx-200","tag-asx-200-financials","tag-asx-300-metals-mining","tag-housing","tag-iron-ore","tag-net-interest-margins"],"yoast_head":"\nASX hesitates in its downward slide - 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 hesitates in its downward slide - the patient investor\" \/>\n<meta property=\"og:description\" content=\"There is a hint of optimism in the air, with the year-on-year decline in housing prices slowing, to around -5% nationally, on the back of lower interest rates. The ASX 200 hesitated in its downward slide but is still likely to test support at 6400. Breach would offer a target of 5400. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.","sameAs":["https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","https:\/\/www.instagram.com\/colin_thepatientinvestor","https:\/\/au.linkedin.com\/in\/colintwiggs"],"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-4Xh","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":18962,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/21\/asx-200-tests-resistance-iron-ore-tests-support\/","url_meta":{"origin":19051,"position":0},"title":"ASX 200 tests resistance, Iron ore tests support","author":"Colin Twiggs","date":"September 21, 2019","format":false,"excerpt":"Iron ore found resistance at $95\/ton and is likely to again test short-term support at $90. Support is unlikely to hold and breach would offer a medium-term target of $80 per ton. The ASX 300 Metals & Mining index found support at 4100 but the rally is weak. Breach of\u2026","rel":"","context":"In "Aussie dollar"","block_context":{"text":"Aussie dollar","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/forex\/aussie-dollar\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15303,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/05\/19\/asx-banks-break-support\/","url_meta":{"origin":19051,"position":1},"title":"ASX banks break support","author":"ColinTwiggs","date":"May 19, 2017","format":false,"excerpt":"The big banks fell sharply on the week's turmoil, with the ASX 300 Banks Index breaking support at 8500. Breach signals a primary trend reversal, offering a medium-term target of 8000*. * Target: 8500 - ( 9000 - 8500 ) = 8000 Resources stocks rallied over the week. Expect strong\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":18998,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/28\/asx-200-stubborn-resistance\/","url_meta":{"origin":19051,"position":2},"title":"ASX 200: Stubborn resistance","author":"Colin Twiggs","date":"September 28, 2019","format":false,"excerpt":"Iron ore is headed for another test of short-term support at $90. Breach would signal another decline, with a medium-term target of $80 per ton. The ASX 300 Metals & Mining index retreated this week and is expected to test long-term support at 4100. Breach would complete a head and\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":19023,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/10\/05\/asx-200-hits-a-brick-wall\/","url_meta":{"origin":19051,"position":3},"title":"ASX 200 hits a brick wall","author":"Colin Twiggs","date":"October 5, 2019","format":false,"excerpt":"The ASX 200 retreated sharply from stubborn resistance at the 2007 high of 6800, like hitting a brick wall. Breach of support at 6400, after a lower high, is now more likely and would offer a target of 5400. Iron ore continues to test short-term support at $90. Breach is\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":19476,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/11\/22\/asx-200-banks-break-support\/","url_meta":{"origin":19051,"position":4},"title":"ASX 200: Banks break support","author":"Colin Twiggs","date":"November 22, 2019","format":false,"excerpt":"ASX 300 Banks index broke support at 7600, signaling a correction to test primary support at 6750. Declining peaks on the Trend Index confirm selling pressure. The ASX 200 REITs index has formed a bearish descending triangle. Breach of support at 1600 would warn of a correction. It seems unlikely\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":19362,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/11\/04\/asx-iron-ore-breaks-support\/","url_meta":{"origin":19051,"position":5},"title":"ASX: Iron ore breaks support","author":"Colin Twiggs","date":"November 4, 2019","format":false,"excerpt":"Iron ore broke support at 90, falling sharply to $83.55\/ton. Expect a decline to test the long-term target at 65. ASX 300 Metals & Mining index rallied slightly but another test of support at 4100 is likely -- the neckline of a large head-and-shoulders reversal pattern. Declining peaks on the\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\/19051","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=19051"}],"version-history":[{"count":1,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/19051\/revisions"}],"predecessor-version":[{"id":19060,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/19051\/revisions\/19060"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=19051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=19051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=19051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}