The local market slipped yesterday after a strong lead from Wall Street did not carryover here. The All Ordinaries Index has been trading in a tight range for the past few days.
Some big names reported slightly less than stellar earnings including CSL which reported a ten per cent increase in earnings and shares fell close to four per cent.
Ausdrill has been moving up from recent lows making a higher low and a higher high.
The monthly chart of Xero shows a possible trade set-up.
Platinum Asset Management.
Mineral Resources alos has an interesting monthly chart pattern.
Money3 Corporation looks to be moving up from a basing pattern.
Worley Parsons has been moving up and is still digesting a big takeover in the US.
Appen is one of those “priced to perfection” tech stocks that has moved up more than 50 per cent since the October lows. Any disappointment in the earnings results could see the stock fall back to previous support levels. Time will tell.
There is no table this week. We sold Resolute and bought
Westgold and Bellamy’s and will have a fully updated table next week.
Disclaimer: The commentary and trading positions taken are for educational purposes only and are not an invitation to trade. Trading is risky and individuals should seek Professional counsel before making any financial decisions. Many thanks to Incredible Charts.com software for most of the charts used in the column.
Monitor, measure, manage and maximize… Cheers Charlie.