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 2009-02-22

XAO - All Ordinaries



Not much changed from last Tuesday. Closed on or just below the short term support line. DOW closed Friday down 100.28 (-1.34%), breaching a 6-year low.

Latest news from Business Speculator indicate a week for the bears "With indexes at multi-year lows, the focus will be on battered banks Citigroup and Bank of America, two of the cheapest stocks on the Dow, after a top US senator on Friday said short-term nationalisation for some banks was possible."

CBA - Commonwealth Bank



With banks back in focus in the US next week, watch CBA in our market. The breakout opening price provided support, along with the 50MA. Friday's close was a NR7.


WES - Wesfarmers



Wesfarmers closed above its 50MA for the second time this year, also the second time since August 2008 just after its decline with the rest of the market began. One thing extra to note about this move is the increase in volume. Trend could be turning (not yet though), so I'll keep checking in on this one over the coming weeks.

One chart template I use to indicate a change in trend is the Guppy MMA as displayed below for WES. WES still has a way to turn around the short term moving averages to move above the long term.

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Chart Watch 2009-02-11

RIO - RIO Tinto



As indicated in Chart Watch 2009-02-7, RIO Tinto had potential to break through short term resistance. Today RIO had a strong positive candle above this resistance on above average volume. Target $60, but may fall short in the pulse.

Making Lows

A range of stocks are either testing, or made new lows today. Included in this list are AMP, are ANZ and are WES.

AMP


ANZ


WES - Wesfarmers

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