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Wizard Warns: This Could Get Ugly
FN Arena News - February 22 2008
The Tech Wizard has stuck with his short term bearish view on the Australian share market, despite the index bouncing off its technical support at around 5500 for the third day in a row on Friday.
The way I see it, the Wizard reported on Friday, the MACD indicator is showing us where this market is heading to. The indicator is currently bearish.
The Wizard says if investors would take the time to observe what's happening in the market they would see the market is finding it increasingly dificult to rally away from the 5500 support level. In addition, he says, it looks like the overall market is becoming weaker by the day.
In his view, only a weekly close above 6000 would turn this trend around, but given it is already Friday and it doesn't look like the S&P/ASX200 index is going to achieve this, he can only conclude that the outlook for next week is bearish.
The Wizard points out that once the index drops below 5500 there's not another key support level left until 5000. Therefore, he says, investors should pay attention as this could get ugly.
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