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