ASX 200: Bank relief but miners bearish

The ASX 300 Metals & Mining index broke support at 3500, warning of a test of primary support at 3300. The long-term up-trend is losing momentum.

ASX 300 Metals & Mining

Banks continue in a long-term down-trend but recovery above the former primary support level at 8100 offers temporary relief. Respect of the declining trendline warns of another test of primary support at 8000. Breach would signal a primary decline.

ASX 300 Banks

The ASX 200 remains hesitant. Bearish divergence on the Trend Index continues to warn of long-term selling pressure. A primary down-turn on either banks or miners would strengthen the bear signal. Breach of support at 5800 would signal a primary down-trend.

ASX 200

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s