| Weekly Trend: | Down | |
| Daily Trend: | Down | |
| Daily Momentum: | ___ | Down |
** Please Note: we will start posting counter trend trades for those that have an interest in divergence setups and other reversal type patterns. In these instances we will not use a trailing stop, will exit positions quickly on signs of the major trend prevailing and will more than likely use profit targets of less than the usual 3:1.
There is a line of support running horizontal at 4500 that extends back to August 2009. If we’re to see any respite in this selloff it will come at this level, but by all technical indications any respite will be a short lived affair. We’ll be taking a closer look at the ASX-200 (XJO) tonight in the chart research area but it certainly appears our 3800 – 4000 target area (refer January 2010 Special Report) will be an area of interest in the coming months. Any bounce off 4500 on low volume will be a shorting opportunity.
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