JAMES HARDIE INDUSTRIES PLC (JHX) Elliott Wave Technical Analysis
Market Overview
Greetings,
This Elliott Wave analysis delivers an updated outlook on JAMES HARDIE INDUSTRIES PLC (JHX), a key stock on the Australian Stock Exchange (ASX). Based on current price action, ASX:JHX shares are expected to experience a downtrend in the medium term. The long strategy requires careful planning, as market risks remain a significant factor. This technical analysis evaluates potential trend direction and key price levels, offering both quantitative and intuitive insights into upcoming market movements.
JAMES HARDIE INDUSTRIES PLC (JHX) Elliott Wave Technical Analysis
1D Chart (Semilog Scale) Analysis
Function: Major Trend (Intermediate Degree - Orange)
Mode: Motive
Structure: Impulse
Position: Wave C (Grey) of Wave (2) (Orange)
Analysis Details:
The Wave (2) (Orange) continues to develop and aligns with a Zigzag pattern. Recently, the market showed extended sideways movement, forming a Triangle pattern, identified as Wave B (Grey), which has now completed. The price action suggests an entry into Wave C (Grey), implying a bearish movement ahead.
If the price drops below 49.16, this would confirm the bearish Elliott Wave scenario.
- Invalidation Point: 55.09
- Key Support Level: 49.16
JAMES HARDIE INDUSTRIES PLC (JHX) Elliott Wave Technical Analysis (4-Hour Chart)
TradingLounge (4-Hour Chart Analysis)
Function: Major Trend (Intermediate Degree - Orange)
Mode: Motive
Structure: Impulse
Position: Wave C (Grey) of Wave (2) (Orange)
Analysis Details:
A detailed view of the 4-hour chart highlights the completion of Wave ((e)) (Navy) of Wave B (Grey) in a three-wave Zigzag pattern, reaching 55.09. Based on Elliott Wave principles, the market is expected to turn bearish in the short term. A break below 49.16 would reinforce the downtrend, providing further confidence in a bearish outlook.
- Invalidation Point: 55.09
- Key Support Level: 49.16
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion
This Elliott Wave forecast provides a structured approach to analyzing the JAMES HARDIE INDUSTRIES PLC (JHX) stock trend, helping traders strategize based on market movements. Our analysis emphasizes critical price levels, serving as confirmation or invalidation signals, reinforcing trading confidence.
By integrating Elliott Wave principles, we ensure an objective and professional outlook on the current market conditions, allowing traders to make informed buy or sell decisions.