Friday chart

Well here we are again, no news again so we are back at last week’s lows as expected.
This is like a broken record but as far as trading a pattern goes this would have been quite good for the last six months.

So.
The way I see it, it is still normal range trading in the box as I said in last week’s post.
The only difference I can see though, is that because we didn’t close at $0.135 but bounced off that to close at $0.14 and a Doji is shown on Friday’ candle, I think we may get another rise of sorts again this week so it may be ripe for another small trade in & out.

Once again though, it will still be all about end of year selling and a sorry lack of news that will determine if the sp drops into the lower half of the box.
I guess the big boys will work it out soon enough.

I can also see a divergence on the daily chart between the sp & some of the momentum based indicators starting from the 27 May but they can last longer than a Queensland drought before correcting so that is no indication that a rebound will happen this week but it is a possibility I guess.

No such divergence is visible on the weekly.
The weekly chart is still just going sideways with no indication of any leaning to further falls or a rise.

At this stage, based on the doji candle, the sp closing at $0.14 & the pullback off the low I am going for a rise this week again with a target of $0.145 - $0.155.

With 7 more trading days until the end of the financial year there is still time for the pros to get the sp down more yet so next week may go either way but I still think its worth a punt as news is looong overdue.