Last week brought us 4 trading days with public holiday on Tuesday and bulls paid dearly. US markets sold off on Tuesday when we were closed and our market dropped some 500 points on open on Wednesday.
On Thursday market tried to bounce, but Friday was red day again. Over weekend there were some bullish and some bearish news, but for Top40 more important is new tax imposed by Australian government on extra profits for miners.
Indicators are so far looking either neutral or bearish. Stochastic is very close to enter oversold level, RSI is around 50 (that shows us no real momentum) and MACD is a tad above 0 line.
Important development over last two weeks is that Top40 closed only once above 10ema pointing to down short-term trend. In addition, price made lower high on Monday and lower low on Wednesday, again pointing to short-term weakness.
Moving averages, which help us to determine long, medium and short-term trends:
- long-term (200sma) - UP
- intermediate (89sma) - UP
- short-term (10ema) – DOWN
2 comments:
good stuff alsi!
Thank you Anonymous!
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