Banks and resources took a bit of a pasting today, must be increasingly challenging for some who haven't seen this sort of pressure on the banks for quite a while.
Alexium had a combo of the soft market, low volume and a few hits earlier in the day. However later in the day the buyers came back and it was close to a draw in the end. Overall about 500K on both exchanges on a Monday so it wasn't too bad really. I get the feeling in recent trading days that we have some canny buying appearing in the afternoons as someone or other seems to be hoovering up some loose supply on a regular basis.
The 55 cent level seems to be the focus at the moment. The chart shows a lot of activity around 55 cents which was support back in March but flipped to resistance leading into the 4C and still looks like resistance with the false break today.
Both 20 and 50 day MA's have been breached to the upside - good sign and hopefully the market gets its mojo back asap with the XAO and XJO approaching the March 22 lows. Howeversome tax loss selling might just get in the way.
Daily COB May 29th
TA discussion, page-5089
-
- There are more pages in this discussion • 1,252 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
