ASX200 index technicals - further downside potential / target 5500

Angela Mangan

QMG Pty Ltd

The benefit of technical analysis in providing an early indicator of a shift in broad market and sector momentum / rotation has been evident this week. Our wire from earlier this week is largely repeated below. The only update is that CBA and WBC have reached minimum downside targets, and there have now been 45 stock sell signals generated since 30/3/15. “ASX200 index - generated a technical sell signal @ 5833 on 20/4/15 with the downside target remaining located at 5500. The heavy weighting towards large cap stock sell signals remains a negative momentum indicator.. The sectors that have negative technical ratings are : 1. the major banks - CBA, NAB and WBC generated technical sell signals in mid-late April ; 2. the A-REITS sector - which was initially flagged as a negative sector theme in early March, remains negative given 12 stocks within this sector are rated as sells; 3. select fund management stocks - remain rated as technical sells; 4. Healthcare sector - a heavy concentration of sell signals by key stocks within this sector has occurred”

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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