13 July 2009 – Strong Internals

ASX Commentary

13 July 2009 – Strong Internals

Tue, Jul 14, 2009

A very strong session today, not only in terms of price but also the markets internals. 90% of volume traded to the upside and although volume itself was still relatively light a 90% day is a defining measure that must be taken on board. A single day does not make a new trend but its enough to tighten up stops on short trades and look at some new long setups. Our trend filters all remain in negative territory and the 2-month range we’ve been stuck in remains firmly in place. I am by no means getting bullish but if earnings are going to be shrugged off after this extended sideways pause then an upside breakout will lead to strong gains.

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This post was written by:

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

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