Short Term Trading Weekly Starting: 28 May, page-51

Overnight.

Not much of anything happened overnight with stock markets in both the New York and London closed for holidays on Monday.

European stock markets wallowed with Germany -0.58% and France -0.61%. Italy was much worse -2.1%.
The most important news for Australia occurred in the Energy market with Oil down -1.5% to -2.4% (depending on which market you looked at.). So our Energy stocks are likely to be hit hard again.

Here's the Oz Energy Sector chart from yesterday:



This looks likely to head down to the long-term trend represented by the 200-Day MA, but it is oversold so some sort of a bounce is likely later this week.

The only metals price available is Iron Ore -0.8%. So our big miners will probably suffer again today.

Here's the Oz Mining Index from yesterday:



The 50-Day MA looks a likely target.

The Oz stock market was down yesterday so we can expect more downside today.

Some "Smart Money" buying was evident in our market in the last hour yesterday, so that might see some floor put under our market today.