{"id":57330,"date":"2010-10-20T13:31:47","date_gmt":"2010-10-20T02:31:47","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2010\/10\/20\/techwizard-warns-diamond-top\/"},"modified":"2010-10-20T13:31:47","modified_gmt":"2010-10-20T02:31:47","slug":"techwizard-warns-diamond-top","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2010\/10\/20\/techwizard-warns-diamond-top\/","title":{"rendered":"TechWizard Warns: Diamond Top"},"content":{"rendered":"<p>\n\tBy Rudi Filapek-Vandyck<\/p>\n<p>\n\tThe TechWizard reports there seems to be potential for the Australian share market to form a so-called &quot;diamond top&quot; on price charts, which would be a bearish signal. The Wizard explains such a technical pattern usually indicates a major top has been formed and the new direction is down.<\/p>\n<p>\n\tAlso, history shows that diamond tops are often followed by steep sell-offs, he says.<\/p>\n<p>\n\t&nbsp;<img decoding=\"async\" alt=\"\" src=\"http:\/\/www.fnarena.com\/ckfinder\/userfiles\/images\/Wizard_diamond_top.jpg\" style=\"width: 640px;height: 312px\" \/><\/p>\n<p>\n\tThe Wizard explains that a weekly close below 4500 for the ASX200 would be &quot;extremely bearish&quot;. On the other hand, a weekly close above 4700 would be a genuinely bullish reversal<\/p>\n<p>\n\tThe TechWizard is the pseudonym of Scott Morrison, whose experience in financial markets exceeds twenty years. Morrison operates his own website nowadays at www.techwizard.com.au The views expressed are the Wizard&#039;s, not FNArena&#039;s (see disclaimer).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Australian share market seems to be forming a diamond top on price charts, the Wizard warns. This would be a bearish signal.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/57330"}],"collection":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=57330"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/57330\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=57330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=57330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=57330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}