ASX 200 opens terribly

June 25, 2012

Australian Equities

The Australian Sharemarket has opened in a funk this morning with falls across the board. Already the bottom of the range we talked about in this morning’s market wrap has given way and if the ASX closes below the bottom of the range today then the outlook is for at least a 200 point fall toward 3780 and the Fibonacci target is 3697 which is 1.382% of the recent fall and then consolidation.

Have a good one

Greg McKenna

Usual disclaimer applies folks.

www.twitter.com/gregorymckenna

Please remember these are not recommendations for you to trade these are my views and I have my risk management tools and risk parameters that you do not have access to. Thus, this blog is for information only and does not constitute advice. Neither Greg McKenna nor Lighthouse Securities has taken your personal circumstances, objectives or financial situation into account. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs

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