Emerging Sell On Macquarie

This story features MACQUARIE GROUP LIMITED. For more info SHARE ANALYSIS: MQG

The company is included in ASX20, ASX50, ASX100, ASX200, ASX300 and ALL-ORDS

By Nick Linton-Ffrost

Macquarie Group ((MQG))

Trading tactics

Open shorts once a lower high forms below 55.00.

Rationale

Our wave count assumptions indicate MQG is in the process of forming a topping pattern between 53.00 and 55.00. The implication is for a pullback towards 47.00.

Trading below 53.00 should start the ball rolling given the break of a confirmed trend line, however we still require a lower high to form before opening shorts.

For those keen to short the line break we suggest placing stops at 55.30

 

Another trading idea from

Fifth Wave | fwtc.com.au                                               

FW generates over 150 Trading Alerts on the ASX100 each year. We are a subscription service specialising in short term technical strategies based on 27years experience.

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