XJO (ASX200) -0.4%
XTL (Twenty Leaders) -0.3%
XFL (Fifty Leaders) -0.3%
XFJ (Financials) -0.1%
XMJ (Materials) -0.8%
Energy -0.7%
XSO (Small Ordinaries) –1%
Comment: A nice reversal day on abyssmal volume. Breadth was poor. No doubt some short term traders entered on the long side today after the market reversed upwards and probably some short covering occurred. But – until 4140 breaks to the upside, any movement should be viewed with suspicion, especially in this extreme low volume environment.
INDICATORS:
RSI.9: 44.9. Below 50. Negative.
MACD Histogram. Marginally above zero. Neutral.
MACD . Marginally below zero. Neutral.
Stochastic: 20.2. Marginally above the oversold line. Neutral
CCI.14: -101. Back to the -100 level. Neutral.
The chart is within a narrow 100-point trading range. 4040-4140. A fairly narrow range. That’s where it’s been now for six days. A break either way should provide a tradable short term trend.
Redbacka
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