June 19 2009 – Weak Friday close

ASX Commentary

June 19 2009 – Weak Friday close

Fri, Jun 19, 2009

The market tried to gain some upside traction today but failed to hold on. We’re not to know whether this is a lack of buyer demand or whether its a Friday afternoon covering event, in this case longs exiting before the weekend. Running my scans tonight do not show any micro patterns of interest on the bullish side. I am looking out for small Head & Shoulders topping patterns at the moment but can’t see any completed ones, although CVN dropped out of one today that I missed picking up. We’ll keep an eye on these and some other shorting opportunities if they pop up.

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Nick Radge - who has written 899 posts on The Chartist.

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