July 23 2009 – Holding the highs

ASX Commentary

July 23 2009 – Holding the highs

Fri, Jul 24, 2009

Again not much to add today. A tight range but a positive day as the range highs continue to hold us nearby. I would be concerned if price reversed immediately off these highs but the fact we’re holding is positive. The longer we stick here the better the foundation for the next leg higher. That said we now have 4 consecutive alert bars. The ideal situation is we move sideways for a week or so and allow the market to catch its breath. What we want and what the market gives are two different things though. Resources did well and our nightly chart analysis suggests this trend should continue for the coming few months.

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

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