May Market Update
The Australian market dropped 2.72% in the past month with the ASX200 falling below the key support of 5,800 causing the EMA’s to become bearish.
The key Resistance level is still at 6,000 and support now around 5,679.
Australian figures to be released shortly,
Retail Sales – Thursday the 1st of June
Cash Rate – Tuesday the 6th of June
GDP figures- Wednesday the 7th of June
Unemployment Rate – Thursday the 15th of June
Shares are vulnerable to current macro events such as North Korea, trump uncertainty and also a weaker seasonal period (sell in May and go away, come back on St Ledgers day) which is the old saying.
With the current EMA trend being bearish it is important to keep watch of support and resistance levels for further indications of any changes or continuations of the current trend.
The OPEC meeting which has signed a 9 month output cut failed to impress traders with oil losing nearly 5% which has also put downward pressure on markets.
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