JAMES HARDIE INDUSTRIES PLC (JHX) Elliott Wave Technical Analysis TradingLounge
Introduction
Our latest Elliott Wave analysis provides an updated outlook on the Australian Stock Exchange (ASX), with a specific focus on JAMES HARDIE INDUSTRIES PLC (JHX).
Current market conditions suggest that ASX:JHX shares may continue their downtrend in the medium term. Given the prevailing risks, traders should exercise caution when considering a long strategy. This analysis highlights critical price levels and market trends, offering a structured and data-driven approach to forecasting.
JAMES HARDIE INDUSTRIES PLC (JHX) Elliott Wave Technical Analysis - 1D Chart
JHX Elliott Wave Technical Analysis
Function: Major Trend (Intermediate Degree, Orange)
Mode: Motive
Structure: Impulse
Position: Wave C - Grey of Wave (2) - Orange
Key Insights:
- Wave (2) - Orange is still developing as a Zigzag and may not yet be complete.
- Recent price action suggests a sideways movement, forming a Triangle labeled Wave B - Grey.
- This Triangle pattern has recently concluded, opening the way for Wave C - Grey to move lower, potentially breaking the 49.16 USD level, confirming the bearish outlook.
Key Price Levels:
- Invalidation Point: 55.09 USD
- Key Support Level: 49.16 USD
JAMES HARDIE INDUSTRIES PLC (JHX) Elliott Wave Technical Analysis - 4-Hour Chart
JHX Elliott Wave Technical Analysis
Function: Major Trend (Intermediate Degree, Orange)
Mode: Motive
Structure: Impulse
Position: Wave ((ii)) - Navy of Wave C - Grey of Wave (2) - Orange
Key Insights:
- A closer analysis shows that Wave ((e)) - Navy of Wave B - Grey has recently completed a three-wave Zigzag, peaking at 55.09 USD.
- Market behavior indicates a bearish sentiment, suggesting that further downward movement is highly likely.
Key Price Levels:
- Invalidation Point: 55.09 USD
- Key Support Level: 49.16 USD
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion
Our Elliott Wave analysis of JAMES HARDIE INDUSTRIES PLC (JHX) provides valuable insights into market trends and potential trading opportunities. By identifying validation and invalidation price points, traders can confidently approach Elliott Wave projections. This structured methodology ensures an objective and professional perspective on market movements, enabling traders to make informed decisions.