Technical knows all Fundamentals beforehand. This is the part 2 of our post dated 26th of August 2018. ASX 200 Index also followed our way.
In that post under “Technical knows all Fundamentals” we wrote, “Now Price of ASX 200 Index has closed for the first time below the Trend Line” and also, “Now, the price has closed below the Channel line for the ASX 200 Index for the second time after Friday 06-April-2018”. What did these 2 observations mean? It meant technically that the price did line up below the trend line and the channel line just before the slide down happen with or without the Prime Minister debacle.
How canny is this, technical analysis! This is why we say, “Technical knows all Fundamentals” and that too beforehand. It was just waiting for the fundamental news to happen and did its job by sliding down a massive 277.9 pips from the top of Fri 17-Aug-2018 (or after making an “A” Double Top on Wed 29-Aug-2018) or 157.5 pips from the Friday 24-Aug-2018 till date.
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Our Reference Post Dated 26th Of August 2018 on Technical knows all Fundamentals:
ASX 200 Index: In this post, we have demonstrated an excellent example of how Technical Analysis knows all Fundamentals beforehand. Last few days, Australia had the biggest political crisis as we know. As per CNN post dated 24th August 2018, “Australia’s Malcolm Turnbull has been ousted as prime minister following a week of chaos in the capital, as the nation watched the ruling Liberal Party tear itself apart over ideological differences.” This is a big fundamental fact. Now, let us see how the Technical has lined up much before this event as shown below:
ASX 200 Index’s daily chart as of 24th August 2018 on Technical knows all Fundamentals:
We have highlighted three basic Technical aspects for the ASX 200 Index here in the form of (1) Channel Line, (2) Exponential Moving Average and (3) Trend Line.
Before the political issue, the Trend Line for ASX 200 Index was already present there, drawn from the Troughs of Monday 02-July-2018 and Wednesday 04-July-2018. This simple and valid Trend Line supported the Price on many occasions in the past viz, Tuesday 17-July-2018, Thursday 26-July-2018, Monday 13-August-2018 and last but 3 days i.e. 21st, 22nd and 23rd August 2018. Now Price of ASX 200 Index has closed for the first time below the Trend Line.
Next comes the Exponential Moving Average for the ASX 200 Index. This is a 50-period exponential moving average which supported the price many times in the past as we can see for the demonstrated period from Wednesday 23rd May 2018 to Thursday 14-June-2018and for the last 4 days i.e. 21st, 22nd, 23rd and 24th August 2018.
The last Technical aspect of how Technical knows all Fundamentals beforehand was the Channel line for the ASX 200 Index. This Channel line is existing since the swing low dated Monday 2nd April 2018 for the ASX 200 Index. Price got support on this Channel line on Tuesday 29-May-2018, Thursday 14-June-2018 and last but 3 days i.e. 21st, 22nd, and 23rd August 2018. Now, the price has closed below the Channel line for the ASX 200 Index for the second time after Friday 06-April-2018.
So from the above analysis for the ASX 200 Index, what we observed that the Technicals had already lined up before the Fundamental i.e. Nationwide political crisis. Take advantage of our Proprietary Technical Analysis for trading the ASX 200 Index.
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