Thursday, 29 November 2012

11am update - Punch it!

Mr Market has seen a reaction from the opening rally around sp'1420. This is just two points shy of the important 50 day MA, and 5pts below my original target. There are divergences on a lot of the hourly charts, and I'm looking for a confirmed rollover as the day proceeds. We could very easily close red.





Well, I've made my move, its a significant move, and now I sit back for a few days, lets see what happens.

My first target exit is <1400 by early Monday.

UPDATE 11.20am  Tranny sure looks like its toppy, with a possible castle top (as I like to call it) 5100 was my prime target, so thats good to see.

A rollover 'should' be seen on the MACD within the next hour or two. Then its just a case of how far we fall into early Monday.