The key level we’re watching at present is 4587. A break down through that suggests a deeper correction toward 4400 is underway. However, if price can hold above 4587 we have a significant bullish triangle to contend with that may provide the springboard into the New Year. We’ll take a closer look at this in more depth tonight in the XJO review. But for now we’re seeing red across the board so its a game of trade management until the trend can resolve itself in a more favourable way.
** Note ** As of January 1st 2010 the current track record for the ASX Systematic Power Setups will be replaced by a real time trading account. This will ensure a much more accurate representation of results and slippage.
Similar stock trading tips:
- 7 December 2009 – A soggy day, but… We called for some volatility after the US data release...
- 8 December 2009 – Symmetrical triangle still forming It’s all red here. The daily trend. The weekly trend....
- 8 December 2009 – Weak, but quiet The market dropped 100-pts right on the opening bell and...
- 10 December 2009 – Winding down Another garbage performance by the local market. It really struggled...
- 10 November 2009 – Trend flips UP As you can see both the Daily and Weekly trends...
Wed, Dec 9, 2009
ASX Commentary