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If used correctly Market Depth can help you fine-tune your entry or exit. Simply it is a summary of buyers and sellers and it shows you the balance between the two.
I should elaborate on my view on what a rally is. A rally can be a short-lived recovery or it can be the final spurt at the end of a long-term trend up.
In Issue #4 28 April I spoke about the likelihood of retracement of the Australian stock market and since then the market has been in steady decline.
BHP is very much a favourite of mine – I had 10 wonderful years with the company, mainly in international trading.
This last week has been another one of retreat – a very orderly retracement however – what better would you want? The overall daily trend is still up but I must say some momentum has been lost and I would marginally modify my view about how far this rally might take us – at least in the medium term.