Another visit to SYD in weekly time frame. Another XABC CORRECTION ? May be, looks that way so far.
There is a talk in town about a tourism boom. Beneficiaries out of this anticipated boom may include SYD.
Over the last number of weeks SYD had a great respect to the zone of $5.80 – $6.00. I therefore mark this zone as an important zone of support and add SYD to my short watchlist for a potential long entry over the days ahead. I am looking for a DAILY PIVOT or a MINI BREAKOUT on the daily as a low risk entry. My definition of low risk meaning: Where I would exit a trade if wrong. That is, the most recent low of $5.82 on end of week closing basis, not intra week whipsaws. Therefore an appropriate position size would be calculated with no more than 2% of my total capital being at risk, excluding slippage and brokerage.
Watch that $6.10 level on the upside as a mini breakout(watch the dashed Green resistance line) and $5.80 as support which must hold on end of week closing basis.
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