The Dow Jones New Zealand Index ($NZDOW) gapped down at Monday’s open, foretelling a miserable day for Asian markets.
ASX 200 in primary down-trend
Posted August 3, 2011 8:00 p.m. ET (10:00 a.m. AET) on Trading Diary.
After several tentative attempts, the ASX 200 broke through support at 4500, following Brazil into a primary down-trend. Wednesday’s follow-through below 4450 confirmed the signal. 21-Day Money Flow below zero indicates selling pressure. Expect retracement to test resistance at 4500, but target for the breakout is 4000*.
* Target calculations: 4500 – ( 5000 – 4500 ) = 4000
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