XAO Indicator

This blog is intended to be read in conjunction with the XAO Indicator which can be found at http://www.asxindicator.blogspot.com/

I am not a financial adviser so you should not take any part of this blog as being financial advice. Observing and interpreting charts is a hobby and so is this blog. The information in this blog is just my opinion, it may not reflect reality. Stock market investing is risky - you can lose all, or potentially more than all of your money given certain market conditions. Not only can lose a lot of money buying shares, you can also lose a lot of potential profits by selling shares at the wrong time. So please do not buy or sell shares because of information in this blog. Whether you buy or sell shares is your decision as is the decision when to buy and sell. Do not risk any money you cannot afford to lose. Do not risk any money if you do not fully know and understand what you are doing.

Tuesday, February 22, 2011

CBA in 'no man's land'

Right now CBA can't decide whether to resume its uptrend. The blue line study at the bottom of the chart is a 12-day RSI. It is just holding the upsloping trendline but it looks like someone crawling on plank that could slip and fall at any time. If it does fall, the most likely area of support continues to look to be the $51.90 to $52.60 zone with my guess being $52.40.

Click on chart to enlarge
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