ASX 200 Daily Chart, Sept 7

This week saw the end of a 10 day corrective move lower which penetrated the most recent, and 2 previous trendlines, but which found suppoort at the level of a previous low of 4275.

The relieving rally of the past two days culminated in a high today of 4358, but end of week selling resulted in the index falling back to be 4328.5 at the close.

Long only investors can breath a sigh of relief that support emerged before the trend was threatened with a lower low. The risk of trend reversal will be further relieved if the rally continues into next week, and another new high is reached.

 


Categories: Trading opinion

Tags:

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: