Free Trial

Topside Follow Through Lacking *RES....>

AUSSIE TECHS
AUSSIE TECHS: Topside Follow Through Lacking
*RES 4: $0.7765 - 55-DMA
*RES 3: $0.7730 - High Nov 2
*RES 2: $0.7693 - 200-DMA
*RES 1: $0.7644 - High Nov 28
*PRICE: $0.7604 @ 0230GMT
*SUP 1: $0.7589 - High Nov 21 now support 
*SUP 2: $0.7552 - Low Nov 22 
*SUP 3: $0.7532 - Low Nov 21 
*SUP 4: $0.7519 - Low June 9
*COMMENTARY: O/S daily studies and a lack of follow through below the Bollinger
base ($0.7544) resulted in a break of $0.7609 last week that saw pressure on the
21-DMA. Topside follow through above the 21-DMA ($0.7629) was lacking with bulls
now needing a close above $0.7644 to confirm breaks of the channel top and
21-DMA, shifting immediate focus to the 200-DMA and overall focus to
$0.7694-0.7768. Bears need a close below $0.7519 to reconfirm the bearish bias.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.