16 July 2009 – Weekly trend shifts

ASX Commentary

16 July 2009 – Weekly trend shifts

Thu, Jul 16, 2009

Another big up day with solid clearance of the 3947 level with ease. A few stocks jumped out the gates but gave way to profit taking which does cause some concern, but I guess this market has come a very long way in just a few days so profit takers were bound to come in. We’ve not broken the range though so there does remain some risks that the first attempt to do so will fail. The top end of the range is about 100-points away. Our Daily trend indicator has turned back to Up and the bigger news is that the weekly trend indicator has turned from Down to Flat - the first positive reading since December 2007.

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This post was written by:

Nick Radge - who has written 899 posts on The Chartist.

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