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.

Saturday, February 26, 2011

MEY getting ready for a move - but which way?

The recent break providing a buy signal seems to have been a false break. That false break to the upside follows a false break to the downside. Two or three false breaks in a row are usually followed by a strong move. The question is which way will the strong move go? Today my proprietary indicator turned red so don't be surprised to see a move down now. Currently, my indicator will not turn blue again until the price trades above 10.5 cents. Here's today's chart.



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