Monday, 25 June 2012

ASX 200 closes bang on the trend line drawn from the 2009 low

The daily candlestick chart shows that the ASX 200 today closed at 4028, bang on the trend line drawn from the 2009 low. After hours trade currently has the market at 4010. As I tweeted earlier today, a close below 4000 would reinforce a medium term target of low 3000s, with low 2000s possible.




The monthly candlestick chart illustrates how those targets are derived - low 3000s from the mid channel down trend line, and low 2000s from the bottom down trend line.