Hi Gloveski, in a downtrend I normally draw the resistance line...

Hi Gloveski, in a downtrend I normally draw the resistance line against the peaks/swing tops 1st, and if I see some parallelism (i.e. ranging behavious within an approximate parallel channel) then I'll draw the lower channel boundary to the best fit with any swing lows. In NAB's case I felt the October, November and January peaks where the resistance line contacts are shown were the best definition of the downtrend.

Having said that, the December & January peaks show a better fit to the 41EMA as resistance within that channel.

I definitely agree with you that what happens re AXA will have a significant impact when that is announced, unless the market moves the price prior in anticipation. Until then it will remain the weakest of the big 4, but imo has the biggest potential atm.

Cheers, Sharks.