TA discussion, page-3399

I had a look at the weekly this morning - it is a bit of a dog's breakfast but it is in an upward channel. Although the price action is all over the place there is a discernible channel in play IMO. We do have successive higher lows and subsequently an upward trend line since the bullish reversal from the 46.5 cent low on August 30th. I have drawn in the upper channel trend line but that is very subjective, others might see it differently..  

Whether the bearish momentum in the SP continues toward the lower trend line or takes a positive lead today from the bullish resumption in the broader  market is the question now. Today should provide some clarity about that.

As the SPI futures at +13 points suggest there probably won't be more fireworks in the Oz market today although it should still be positive after yesterday's short squeeze but I wouldn't be too sure, anything can happen.

Weekly last 12 months