The downtrend over the last two days looks set to continue imo.
To my eye CBA and BHP both appear to have initial support around 10% below current levels... On that basis I think there is reasonable potential for an xjo low of around 4400 on the 4th of May (give or take a bit).
The 4th of May allows 13 trading days down from the 15th of April high followed by 12 trading days up into the 20th of May (as suggested by Laundry and within McLaren's time window). A brief late April/early May rally could also potentially set up momentum divergence on the 3rd or 4th if the above scenario does indeed play out.
It's all rather simplistic reckoning but...
lowbrow friday
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Last
7,816.8 |
Change
-12.900(0.16%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 7,829.7 | 7,829.7 | 7,782.0 |
| XJO (ASX) Chart |