Planet Wealth - Australian Stock Market Education » Stock Market to Continue Downtrend http://planetwealthblog.com.au We are a stockmarket investment company that educates people on the strategies we use to create both income and capital growth. Fri, 23 Dec 2011 00:20:36 +0000 en hourly 1 http://wordpress.org/?v=3.1.1 Stock Market to Continue Downtrend http://planetwealthblog.com.au/stock-market-to-continue-downtrend/ http://planetwealthblog.com.au/stock-market-to-continue-downtrend/#comments Sat, 07 Feb 2009 13:42:15 +0000 Planet Wealth http://planetwealthblog.com.au/?p=276
Stock Market to Continue Downtrend

The XAO is now showing clear signs of sellers in control after a push higher late last year and the beginning of this year.

Last week produced a Lower Trough (LT) and this week saw the first Lower Peak (LP) telling us the sellers have taken over control from the buyers. This has also now made a short term down channel.

When looking at probabilities of what a stock will do, there are now alot stacked in favour of The XAO continuing down. A few weeks back a bearish flag was identified with a medium term view of reaching around 2500 mark. Now the sellers have taken control producing LP and LT and a support that was pushing it higher is now a resistance keeping it down.

(click on image to enlarge)
060209 xao Stock Market to Continue Downtrend

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