June 2nd 2010

Wed, Jun 2, 2010

ASX Commentary

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

The market tried its best to overcome a weak lead from the US but late selling closed the market in the red. I have scoured a lot of charts today and still struggle to find decent swing trade opportunities. There are several stocks tagging lines of resistance but volume remain poor. There are also a few congestion patterns building but more work is needed to complete. The daily and weekly trends remain steadfastly down but volatility is very high. If you think you need to trade then short side is the preferred option.

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This post was written by:

Nick Radge - who has written 898 posts on The Chartist.


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