The week in review shows continued trading within a channel that was formed in mid-July. Prices have bounced off Tuesday's double bottom of $1.15. This lends credence to the "Bowen line" of $1.18 forming a sentimental as well as technical support level:
The weekly chart shows a similar rangebound situation, albeit off generally declining weekly volumes:
The MACD shows that a convergence is on the way:
Time for a gratuitous NBN quote; this one was from a little while ago, and is from the Sydney Morning Herald:
"Telstra chief executive Andy Penn has doubled down on his attack against the prices charged by the National Broadband Network warning the $51 billion project has left itself at risk of losing customers to competitors using high-speed mobile technology.
The high prices charged by the NBN Co as a wholesaler have left it unprofitable for telecommunications companies to resell connections, Mr Penn said at theNational Press Club on Wednesday afternoon. He added that wholesale broadband prices had doubled since the taxpayer-funded network was rolled out and are set to rise."
