February 22, 2009

Weekly ASX Stock Wrap

By Planet Wealth

s expect, this week on the XAO was a down week, moving a total of nearly 150 points.

Friday closed slightly below a small term support line but there is a weekly support line just below. When looking at the daily chart it was an obvious down week but looking at the weekly chart, it has only been a sideways go. Overall the XAO has been pressurised into a corner at the top of the long term down channel. Keeping in mind the Bearish Flag Pattern that has a target level below 3000, it is a higher probability that next week will show a break to the down side.