Like I said before I have a short term interest in seeing SYD higher from these levels.
Personally I think we are at a key level with solid support at $7 which is also where I have the longer term uptrend line giving extra support so I see a rise from here, just don't know when but the stochastic's starting to turn in the oversold area is telling me that it will be soon. How high we go, and if we retest $7.60 or make a lower high will for determine if we might see be seeing the beginning of a trend reversal for SYD.
Fundamentals are still strong and only going to get better if we have another rate cut in Australia.
Also, recently SYD has risen into monthly traffic numbers figures when released, due on the 20/09 so another reason why I am short term bullish.
On the downside, a break here should see it respect the 200 day MA at $6.81. Fail here than the shorter's will have a field day.
SYD Price at posting:
$7.03 Sentiment: Hold Disclosure: Not Held
