October 7, 2008
Support for ASX?
By Planet Wealth
ASX is currently trading in between weekly support/resistance lines. With no major support around the current trading price, it is likely the stock will continue to fall to the next support.
Should ASX bounce off this support, the next form of resistance is around $34-$35. This is also an area where a weekly trend line crosses and has been well respected since March. When several weekly lines cross at the same point, this can be consider as a strong resistance, and has a higher chance of respecting the lines and retracing. Should the stock break through with excellent volume, it can be viewed that the market has strong momentum in this direction.
(click on image to enlarge)
ASX
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