Daily Murmur 15/04/11

by Gary Glover

 I think it will be a very important close today for our market and a lot of our major stocks.  If the market remains weak to neutral today then we are going to end with many bearish engulfing patterns on the key stocks.  This would be a very bearish technical signal so today will be very important for the short term future of our market.  This was the fourth week up and we indicated previously that we could find resistance in time here this week, so a weak close today would be very bearish for the next month.
Individually we could end up with bearish engulfing pattern on the XJO, RIO, NCM and WPL.  We also have a couple of shooting star candle formations which are also very bearish reversal signs and these include BHP and ANZ.  The market will have to have some sort of descent rally to cancel these weekly patterns today, so the close will be very important today.


Gary Glover is an Authorised Representative (Rep No. 259215) of Novus Capital Limited ("Novus"). Novus is a holder of Australian Financial Services Licence No 238 168. Novus, its directors, officers, associates and employees each declare that they, from time to time, may hold interests in financial products and/or earn brokerage, commission, fees or other benefits from financial products mentioned in this e-mail or attached documents. Unless specifically stated within this page or an attached document, any information communicated by this e-mail constitutes unsolicited general financial product advice which has been compiled without regard to any investor's individual objectives, financial situation or needs. It is not specific advice for any particular investor. Before making any decision about the information provided, you need to consider the appropriateness of this information having regard to your individual objectives, financial situation and needs and consult your adviser. Any indicative information and assumptions used here are summarised and also may change without notice to you, particularly if based on past performance or relate to a future matter.

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