Sydney (SYDNEY.NDX)

Short term

Investors have paid higher prices over time to buy Sydney and the index is in a rising trend channel in the short term. This signals increasing optimism among investors and indicates continued rise. A head and shoulders formation is under development. A decisive break of the support at 8292, ideally with an increase in volume, signals a further fall. The index is approaching support at 8450 points, which may give a positive reaction. However, a break downwards through 8450 points will be a negative signal. The index is overall assessed as technically positive for the short term.

Recommendation one to six weeks: Positive

Medium term

Investors have paid higher prices over time to buy Sydney and the index is in a rising trend channel in the medium long term. This signals increasing optimism among investors and indicates continued rise. A head and shoulders formation is, however, under development. A decisive break of the support at 8292, ideally with an increase in volume, signals a further fall. The index has support at points 8330 and resistance at points 8750. The index is overall assessed as technically positive for the medium long term.

Recommendation one to six months: Positive

Long term

Sydney has broken the floor of the rising trend channel in the long term, which indicates a weaker initial rising rate. The price has risen strongly since the positive signal from the rectangle formation at the break through resistance at 7591. The objective at 8302 is now met, but the formation still gives a signal in the same direction. There is no resistance in the price chart and further rise is indicated. In case of a negative reaction, the index has support at approximately 7840 points. Trading volume has increased substantially lately, which may be because of fundamental news. The index is overall assessed as technically positive for the long term.

Recommendation one to six quarters: Positive