We can safely assume yesterdays strong close was some window dressing for the financial year end and that today those positions were reversed. A down day to be sure, but volume was very light. Even so we stay in this range with the risks of a minor Head & Shoulders pattern still a headline pattern and one that we’ll discuss in more detail in tonights full ASX-200 review. If that neckline triggers on penetration of 3766 then we’ll slip well lower. I reiterate my stance of the last few weeks – the market is not trending and momentum is exactly at 0. Breakouts will tend to fail more often than not. We’re swing trading here meaning that we need the wind of the market at our back to make the gains. We’re sitting in the doldrums though.
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Phone: +617 5473 5743
Suite 1/ 21 Sleepy hollow Drive
Noosa Heads QLD 4567
AFSL 288200
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