crunch time ..., page-16

Hmmm ... as previously, price had enjoyed a nice run up since the beginning of financial year as ascending channel shows on chart.

Also, as previously price demonstrated a series of lower lows from October high of 5048 and settled at major pivot point on lower trendline at 5300.

Whilst our view was that price was less than FAIR VALUE the chart demanded close attention to the potential risk and breakout to the downside at 5300 and ..

"..Finger on the trigger here and mega SHORT if price fails at 5300."

Clearly price today is reacting to a global sell-off following more jawboning re: US QE tapering and GMH issues locally.

Expect price will retest major psychological level at 5000 next and those SHORT should consider taking profits.

For those LONG the recent price action will be disappointing as price had retreated 7.6% from the October high and now rests on a modest 4.9% since beginning of fin year.

Cheers ... tight stops.