ASX200 index technical trend remains negative

Angela Mangan

QMG Pty Ltd

The ASX200 index originally generated a technical sell signal at 5833 on 20/4/15. A secondary sell signal generated last week lowered the downside technical target to 5375. The rebound that has occurred off the recent low, has not altered the negative technical outlook / trend. The early technical indicator that would flag that market momentum is showing signs of a (positive) and sustainable turnaround would be a notable increase in the number of large cap stocks generating technical buy signals, and this remains notably absent at the moment. Currently, the ratio of stock sell signals versus buy signals being generated remains heavily weighted on the sell side which continues to be a negative market momentum indicator - 57 stock sell signals have been generated since 30/3/15 compared to 17 buy signals during the same period.

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.


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