Redback's Australian Stock Market Report: Market Comments 18/10/2010

This looks like it is setting up for a short term retracement.

Bearish rising wedge
Negative divergences on the MACD, RSI and W%R.

Be careful.

About this blog

Emphasis in this report is given to inter-market analysis (bonds, gold, international stock markets, currencies), market sector analysis and breadth analysis. Mention will also be made of simple Technical Analysis tools. The main indicators used are the MACD (Moving Average Convergence Divergence), RSI (Relative Strength Index), Slow Stochastic, trend lines and On Balance Volume.

To make matters clear. I am not a licensed financial advisor. Any statement that I make should be read as the personal opinion of a simple chartist trying to make sense of a chaotic environment.

Redback's Australian Stock Market Report

Monday, October 18, 2010

Market Comments 18/10/2010

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