ASX200 index - technical sell - downside target 5425
QMG Pty Ltd
ASX200 index - technical sell - downside target 5425. The Australian Oil and Gas sector of the market emerging as negative sector theme - heavy concentration of stocks within sector generating sell signals in a cluster. Broad market view, the ASX200 index has generated a technical sell signal. Minimum downside target 5425. Increasing number of large cap stocks generating sell signals : of ASX 20 stocks - 8 stocks are technical sells (including 3 of the 4 major banks, RIO, WPL), 2 stocks are potential sells, with 2 stocks rated as technical buys. The heavy weighting towards stock sell signals generated, coinciding with low number of new buy signals, is negative momentum indicator, and adds weight to view that index is likely to move to lower levels. Angela Mangan, Technical Analyst, QMG Pty Ltd
Angela has over 30 years experience in the technical analysis field. She provides technical analysis coverage of major Australian and global stocks / key markets, including provision of a bespoke technical service to wholesale clients.