As I continued to learn more and more, I tried to perform scanning using my candlestick rules on World indexes. I noticed a bullish engulfing formation on Australia All Ordinaries Index today. So coincidence that I found the index is sitting near the support line which is the previous low.
Candlestick like bullish engulfing is very useful to track the short term movement of the stock market trends. Plus, sitting on a support line can offer good risk reward for a Long trade. The money flow index (MFI) also in the oversold region.
I do not trade on the Australia market but this new finding excites me to start a new post on Australia market. I do not know when I will do another post on Australia stock market trends, however, I still decided to post it first to share with everyone out there and also keeping it as journal for my own learning.
Hope you will like this… 
DISCLAIMER: This information is used for learning purposes only. It does not constitute an offer or solicitation to buy or sell. You should do your own analysis on top of my postings.
HI KP, your research looks interesting. the australian market has been very volatile and unpredictable. Although I think the only certaintly is that the banks are still crying doom and gloom based on the US sub prime woes, and rubbing their hands together because it gives them the excuse to put up rates and fees. How is the market going now? I only trade on the australian market, and dont trade in any other.. kind regards, Mega
Hi Mega,
I am just learning in this journey to analyse the stock market. I do not trade in Australian market and definitely, I will be happy to have you in this blog if you wish and I can also learn more about Australian market from you.
KP