The weekly chart trend is down, and after a period of consolidation since August, the bearish cross of the 4 week and 18 week moving averages raises the potential for a move below the August lows. Look at the market price action and the same moving averages in mid-2008, and ponder the similarities between then and now.
Indulging in some crystal ball gazing, a move below the August lows would target the mid-channel trend line at around 3600. A move below the mid-channel line would target the lowest channel line at around 2500 (off the chart...)
Wednesday, 30 November 2011
The following chart tracks the number of properties listed as For Sale and For Rent in Canberra and Queanbeyan for the period between early September 2010 and November 30 this year. The extraordinary explosion in the number of properties listed For Sale since early August 2011 will exert downwards pressure on prices.