The market did okay today, initially selling off but then making some lost ground back into the close. The important level to watch stands at 3714. a penetration down and through suggests a much deeper decline will commence, possibly as far as the March. However, as we stand above that we’re in neutral territory and should trade conservatively. The daily price trend remains up, but barely. Price momentum is negative. Until both these are align we need to stand back for better trend clarification because its in the strong trends where we make the money. There is no harm standing aside until this issue is resolved – we have the rest of the year to make trades. If you are intent on trading at the moment, just keep the risk down.
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Phone: +617 5473 5743
Suite 1/ 21 Sleepy hollow Drive
Noosa Heads QLD 4567
AFSL 288200
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