Chart Watch 2009-03-17

XAO - All Ordinaries 
 
The All Ordinaries again closed under 3300, the market has clearly met resistance at the January low.  Stochastics, RSI(2) and CCI(14) all showing oversold.  A quick scan of the ASX 20 stocks will confirm that most stock individually are displaying the same oversold signs.  The medium term trend line was also respected.  The market may be headed to retest lows if it cannot move through this level of resistance.   Mondays candle also formed a Narrow Range 7 bar (NR7).

 
IMF – IMF Australia

  As highlighted in Chart Watch 2009-03-09, IMF Australia was setting up for a potential wedge/triangle trade.  Volume higher than the 15 day moving average.  

Quick Trends

Symbol	Index	Short Term (10MA)	Medium Term (50MA)	Long Term (200EMA)
XAO	All Ordinaries	Neutral	Down	Down
XTL	ASX (20)	Neutral	Down	Down
XMD	Midcap (50)	Neutral	Down	Down
XSO	Small Ordinaries	Neutral	Neutral	Down
XMM	Metals & Mining	Up	Up	Down

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Chart Watch 2009-03-14

XAO - All Ordinaries
 
The week started off bad for the index, but turned out to be one of the better weeks to be long, closing up around 6% for the week. 

The chart above shows that the short term trend line was broken.
The medium term trend line will be tested this week.
Resistance will be tested this week.

Although the market finished up 3.3% of Friday, the market is showing overbought on the stochastic and  RSI(2).

Below is a Guppy MMA chart of the All Ordinaries and as it shows, the market is still fixed in its down trend, and the short term averages, although are compressing, have not penetrated the long term.

 
WES – Wesfarmers

Wesfarmers broke short term resistance.  Oversold on a lot of indicators so may see some consolidation. 

Quick Trends

Symbol	Index	Short Term (10MA)	Medium Term (50MA)	Long Term (200EMA)
XAO	All Ordinaries	Neutral	Down	Down
XTL	ASX (20)	Neutral	Down	Down
XMD	Midcap (50)	Down	Down	Down
XSO	Small Ordinaries	Down	Neutral	Down
XMM	Metals & Mining	Up	Up	Down

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Chart Watch 2009-03-09

XAO - All Ordinaries

The All Ordinaries closed at 3143.2 (+0.7%) today after again testing below 3100.  Strength again was shown below this level and the market rallied from 3090.8, finally closing on its high.

The biggest fall recorded in the Australian job ads survey since 1999 was release today with a huge 10.4% fall in February.  The

Reserve Bank of Australia (RBA) maybe required to reduce interest rates further next month to combat the further signs of decline in the Australian economy.

TLS – Telstra
Telstra closed –4.3% to $3.14.  All gains from the passed 2 days trading were wiped out.

IMF – IMF

IMF added to the watch list.  A pennant may be forming.  This is usually a continuation pattern when there is a large movement in a stock.  A consolidation period forms the ‘pennant’, later followed by a breakout in the same direction as the initial large movement.  Volume is important in these patterns, and is well below the 15day moving average.  Waiting for a break  of the upper trend line with an increase in volume.

Quick Trends

Symbol	Short Term (10MA)	Medium Term (50MA)	Long Term (200EMA)
XAO	Down	Neutral	Down
XDJ	Down	Down	Down
XEJ	Up	Neutral	Down
XFJ	Down	Down	Down
XHJ	Down	Neutral	Down
XIJ	Up	Up	Down
XMJ	Neutral	Neutral	Down
XTJ	Down	Down	Down
XUJ	Down	Down	Down

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Chart Watch 2009-03-09

 

 

 

XAO - All Ordinaries
Some intraday action today for the All Ordinaries with a low of 3052.5, finally closing up 10 points to 3121.7 (0.3%).

The big miners lifted the index with BHP up 5.31% and RIO Tinto up $3.93%

FMG and RIO both sought to strengthen their balance sheet today. F

ortescue Metals Group (FMG) gained 1.60 per cent to $2.54, and has

agreed to sell a further $86.8 million of its shares to Hunan Valin Iron and Steel Group Company Ltd.  RIO reached an agreement to sell the Jacobs Ranch coal mine in the United States for $US761 million ($A1.19 billion) as part of an asset sale program to reduce debt.

PAG - PrimeAg

 

PrimeAg is fast approaching resistance.

Quick Trends

Symbol	Short Term (10MA)	Medium Term (50MA)	Long Term (200EMA)
XAO	Down	Neutral	Down
XDJ	Down	Down	Down
XEJ	Up	Neutral	Down
XFJ	Down	Down	Down
XHJ	Down	Down	Down
XIJ	Up	Up	Down
XMJ	Down	Down	Down
XTJ	Down	Down	Down
XUJ	Down	Down	Down

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Chart Watch 2009-03-05

XAO - All Ordinaries 

The DOW closed up overnight 149.82 points to 6875.84 (2.23%) after 5 days of selling.  The Dow failed to break back through 7000. 

The All Ordinaries has  had an un-eventful day failing to regain the lose of the previous trading day.  The XAO closed up 21.2 points to finish at 3147.1 (0.68%).   I was looking for the high of the previous day (3171.4) to be taken out and stick, but our market was a bit more cautious than the DOW and the high for today of 3177.1 failed to hold.

XAO still showing oversold on CCI(14) and Stochastic. 
Shorter term oversold Williams %R (3) and RSI(2) are not.

Today’s headlines
Chinese 8% Growth Target
Housing Sector ‘May have turned corner’
Minemakers launches takeover of Bonaparte

XJI - ASX Information Technology
One of the stronger sectors on the ASX is the XIJ or Information Technology sector.  Support looks to be in at 399 

PAG – PrimeAg
Support now become resistance on this agriculture stock.  3 times the stock price had tested the $1.05 level.  Above average volume today to close a further 5% lower at $0.97

Quick Trends

Symbol	Short Term (10MA)	Medium Term (50MA)	Long Term (200EMA)
XAO	Down	Neutral	Down
XDJ	Down	Neutral	Down
XEJ	Neutral	Neutral	Down
XFJ	Down	Down	Down
XHJ	Down	Up	Down
XIJ	Down	Up	Down
XMJ	Down	Neutral	Down
XTJ	Down	Neutral	Down
XUJ	Down	Down	Down

Read more...