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Originally Posted by belgarion
NZ50 beginning to look broken?
It became technically broken last week (Monday 23rd) Belg. It broke a small support, the EMA50, and more seriously it broke the H&S pattern neck line all on the same day....see my last weeks chart 24th June Post#1678
The H&S (head & shoulder) pattern is very flat so one would expect the break would only create a small correction.
....however....
My discipline is similar to Phaedrus'..... when the index (where my shares are included in) breaks down I cease to buy new company shares (cease accumulating too) and strictly keep to the selling discipline, any sell signal MUST be adhered to...that mean't my favourite AIR shares that triggered sell signals had to be sold...
For me... it stays this way (no buying) until the NZX50 triggers buy signals again
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