2 December 2009 – Watching resources

ASX Commentary

2 December 2009 – Watching resources

Wed, Dec 2, 2009

A reasonable day for the broader market, although it gave back some of its early gains. The materials sector had a strong push higher and I continue to keep this as my own personal focus for new trades. Whilst there are other setups around I’m staying within this resource/energy sector. The XAO broke out of a symmetrical triangle today, so we’ll take a look at the charts tonight in more depth. The one to watch though is the Dow Jones Transports as it challenges its strong line of horizontal resistance. A break through there would be a very bullish statement.

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ASX, ASX stocks, Dow Jones, S&P 500

This post was written by:

Nick Radge - who has written 894 posts on The Chartist.

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