S&P/ASX 200 Index Longs Suggested – As Bremain Leads And Housing Market Positive
S&P/ASX 200 Index jumped strongly overnight on rising hopes that Britain would vote to stay in the European Union in Thursday’s referendum. As a result, the financial sector witnessed a sharp up-tick following the receding threat of Brexit. According to data from the Australian Bureau of Statistics on Monday (20/6), the house price index for the first quarter eased 0.2%. This helps relieve investor concerns over the possibility of a housing market bubble. On the hourly chart, the price is moving sideways after hitting the resistance at 5296.42. According to the stochastic chart, the %K line (blue line) has reached the overbought territory far ahead the %D line (red line). The index is anticipated to climb further. The next resistance to test is 5296.42.
Buy stop at 5290.90, Stop loss at 5286.06, Take profit at 5296.42