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Friday 25th February, 2011

Fri, Feb 25, 2011

ASX Commentary

Weekly Trend: Up
Daily Trend: Up
Daily Momentum: ___ Down

An afternoon rally from about 2.00pm resulted in a positive end to the trading week. The XJO managed to put on 27.2 points today and finish down 100.23 points for what was a trying trading week. Today’s price action puts the daily trend back into an up position but despite this, setups are hard to come by. The week’s decline has been enough to do technical damage to many setups that appeared to be in formation. We’ll scan the charts on the weekend for setups as usual – longs, and shorts as well in case price continues to decline next week.  At time of writing it looks like the US market is trying for a positive end to the week as well. The Dow Jones futures are up 52 points in night trading. We’ll know soon enough if that sentiment transpires to the day session. The Australian Dollar has also found a bit today – currently at 1.0121 against the Greenback.

About the Author:

Nick Radge has over 25 years’ experience in the financial markets. He is Head of Research & Trading at The Chartist, manages money using active management strategies and consults to various financial planning, stock broking and accountancy firms. He can be found on Facebook, Google + and on Twitter.

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