The market opened down sharply this morning, but on a positive lead from Wall Street, which is curious. Support at 4875 points is currently broken, with the 63 day moving average the next level of support (4800 points).
Momentum is now negative but not conclusive – I would consider this part of another dip as inflation figures and house price “tapering” (love that word) is factored into share prices. The savvy short term trader can find action on overseas markets as the Aussie continues to stagnate.
Click on full screen icon or download the full report here: Trading Day 29th April 2011