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ALSI - Holding Against Global Pressure

By Stanton RouxStock MarketsAug 10, 2018 11:47
za.investing.com/analysis/alsi--holding-against-global-pressure-200197407
ALSI - Holding Against Global Pressure
By Stanton Roux   |  Aug 10, 2018 11:47
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At the time of writing this article, the ALSI seems to be holding fast against other major indices, in spite of global pressure due to a renewed fear of a trade war.

DAX Futures -1.5%
S&P Futures -0.45%
Dow Futures -0.4%
Nasdaq Futures -0.49%

While the ALSI is only down 0.1% it is at a critical junction.

The price is currently testing a strong horizontal resistance area at 51500.

A strong break above this area and the price could reach the next trend resistance zone at 51800.

Failure to break through the 51500 resistance area, the price could then drop to the opening of the gap at 51000.

A break below this area the target would be the lower support area of the trend channel at 50600.

We will have to wait until the US markets open to get a clear indication of where the price will end up.

In my opinion the pressure is definitely on the bulls at the moment and I would be hesitant to take up any long positions.

ALSI 1 Hour
ALSI 1 Hour

ALSI - Holding Against Global Pressure
 

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ALSI - Holding Against Global Pressure

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ThainKha Kyaw
ThainKha Kyaw Aug 10, 2018 19:11
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David Naane
David Naane Aug 10, 2018 15:33
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Disclaimer: All information in this article is the author’s opinion. It does not constitute investment advice or a solicitation to buy or sell any financial instrument. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.
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