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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Chart Watch 2008-12-09

Sounding like a broken record but another good lead from the US (DOW, S&P 500 and NASDAQ all up over 3%), but this time the ASX could not manage to follow through. The S&P 500 looks to be testing the 50MA, so the next couple of days should be interesting, especially to see if the market can shake off any further bad news.

Bad news seems to be plentiful for the Australian Market
* Commonwealth Bank to sell $1.25bn in 3 and 5 year bonds (CBA down 8%)
* Wespac raises $2.5bn capital
* Pacific Brands cut dividend forecast by about 65 per cent
* Panel of economists give Australia a 40% chance of entering a recession

Good news included
* Resources up after higher commodity prices (with BHP Billiton rising 4.51 per cent to $28.45, and Rio Tinto lifting 3.95 per cent to $33.35, while fellow iron ore miner, Fortescue Metals Group, rode the wave, climbing 7.33 per cent to $2.34)
* Three sources indicate potential Chinese suitors for Oz Minerals (OZL)

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

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

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