Weekly report 15th December 2014
What a difference a week makes from last weeks support level at 5335 being broken the Index has
initially found support at 5200 and intraday support at 5150 today the 15th.
Bullish divergence remains on the RSI.
The breakdown from 5335 has put pressure on the call for a Christmas rally, but the call remains in place.
The DOW on Friday fell to retest the October high at 17280, this has occurred in the past and shown immediate recovery.
The S&P 500 has also displayed the same price pattern.
The rejection identified 2 weeks ago has now played out.
STO Santos today again informed the market that there would not be a capital raising required.
Support coming in at $7.00 A speculative play at this level, keep stops at $7.00