Chart Watch 2008-12-03

XJO - ASX 200



After a good lead from the US (DOW, S&P 500 and NASDAQ all up over 3%) ended the day flat, but not before riding the
days roller coaster. High of 3621 on open, low of 3499 just before lunch, back up to 3605 a couple hours before close
to finally finish at 3533.

Chart mainly un-changed with what looks like a new swing low after failing to breach the 50% retracement mark.

Stocks to watch on close


Trends*
Long Term - Down
Intermediate - Down
Short Term - Neutral

*10MA, 30EMA and 200MA used to determine trends

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Chart Watch 2008-11-30

XJO - ASX 200



XAO - ALL ORDINARIES



The XJO closed 3742, above the low of the 28/11 of 3724, but still below the 50% retracement of 3777. The story of the XAO with a close of 3672 shows a similar story but below the 28/11 low of 3693 and 3760 50% retracement.

The market will test this area, probably on Monday after a strong close of the week for the DOW and S&P 500 (NASDAQ flat). Respect of this level(s) will indicate the continuation of the down swing.

BHP - BHP Billiton



A great week for the bug Aussie, approaching the $31.00 mark with volume. Still in a short term, medium term and long term until proven otherwise.

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XJO Short Term Resistance

Short term resistance at 38.2 Fib level. Breaking this, looking at next level which is coincides with the 50% Fib and low on the 28/10.

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BHP Inner Strength

Great read for people interested in BHP. BHP is one of my favorites for my long term portfolio.

"As a result of the board’s decision, BHP is going to emerge from this episode in the commodity cycle in a position even stronger than the one in which it went into the bullmarket in commodities."

"BHP, with minimal debt and strong cash flows, will be able to absorb whatever pain the downturn generates"

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OZ Minerals Update

Yesterday Oz Minerals sent a six page statement to the ASX detailing hundreds of millions of dollars of changes and cuts.

OZ Minerals says not only has it deferred a number of development projects and has entered negotiations to refinance debt.

Martabe gold project in Indonesia : suspended
Sepon Copper Project in Laos : deferred work until after 2009
Dugald River zinc project in Queensland : not commence until 2009
Izok Lake and High Lake project in Canada : deferred feasibility studies


Source

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