Chart Watch 2009-03-09
Tuesday, March 10, 2009
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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