Thursday, 19 May 2011

ASX 200 daily and hourly

The ASX 200 is at a key inflection point, testing the underside of the up trend line drawn from the May 2010 lows. 

This hourly chart zooms in to action from the April high. Given the context of the daily chart, a break out of the current hourly chart trend channel will give us clues as to the likely direction of the next trend.