Normal
After a good strong recovery yesterday I was hopeful we might see a continuation of higher prices - but again the US has had another breath-taking fall overnight. The XAO's candle yesterday closed at its highs and seemed to also suggested higher prices today. Unless the ASX totally disregards the US trading (unlikely) we'll probably see 7,500 and a close below that level (which is long-term support) could suggest 7,300 is possible. With the XAO in a technical uptrend and sitting above both that trendline and at the lower boundary of a price channel that has been tracking price for 4 months my best guess is we will see the wheels fall off on open but hopefully recover as the day progresses. But then it is Friday - which often turns to custard!Good luck.PS: My price channel placement is subjective and could be angled down a little (which would also cater for today's probable pullback).[ATTACH=full]141290[/ATTACH]
After a good strong recovery yesterday I was hopeful we might see a continuation of higher prices - but again the US has had another breath-taking fall overnight. The XAO's candle yesterday closed at its highs and seemed to also suggested higher prices today. Unless the ASX totally disregards the US trading (unlikely) we'll probably see 7,500 and a close below that level (which is long-term support) could suggest 7,300 is possible. With the XAO in a technical uptrend and sitting above both that trendline and at the lower boundary of a price channel that has been tracking price for 4 months my best guess is we will see the wheels fall off on open but hopefully recover as the day progresses. But then it is Friday - which often turns to custard!
Good luck.
PS: My price channel placement is subjective and could be angled down a little (which would also cater for today's probable pullback).
[ATTACH=full]141290[/ATTACH]
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