Opportunity to Build a SPI200 Short Position | Vantage FX

Opportunity to Build a SPI200 Short Position

July 6, 2017

We spoke about this SPI 200 daily level a couple of days ago and as the Aussie market opens today, the price action looks too good to ignore.

First of all, let’s wind back to what we had to say in Tuesday’s blog and focus on the daily level that we were looking to trade around:

SPI 200 Daily:
170704_spi200_daily
Click on chart to see a larger view.

As you can see, price has once again held here at the green ‘x’, giving us an opportunity to try to build a short position. Zoom into the intraday charts and try to identify pullbacks into previous short term support that could be used as resistance.

Strong higher time frame resistance has held and we are therefore on the lookout for pullbacks to short.

Take a look at this morning’s SPI 200 hourly chart:

SPI 200 Hourly:
170706_spi200_hourly
Click on chart to see a larger view.

Pullbacks!

Has it pricked your interest? Let us know by sharing your thoughts with @VantageFX on Twitter.

Best of probabilities to you.

Dane Williams – @VantageFX

Come and experience the difference that indices trading on the Vantage FX liquidity feed offers. Cleaner, more liquid charts put Vantage FX at the forefront of MT4 brokers offering indices to their clients. Make the switch today.

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