ocker,In my view you are confusing fundamental and technical...

ocker,

In my view you are confusing fundamental and technical issues. Everything which is traded in the markets, can be effectively subjected to technical analysis via charting, and associated indicators. In fact the more liquid the market, such as ANZ, the more reliable the technical analysis becomes.

Fundamental issues such as the world economy, local economy and all the way down to Opes (sorry to mention that word here), market sentiment etc etc...are all reflected in the SP chart. The chart encapsulates all this fundamental information, through the combined thoughts and actions of the buyers and sellers in the market.

The chart does not lie...it is what it is...it shows an ominous breakdown below $20 is a reasonable probability in the medium term. What combination of fundamental factors that would actually cause this breakdown are irrelevant and unknowable...pure speculation.