The local market closed up from the lows yesterday after US markets fell in response to trade tensions with China. The Dow Jones Index recovered over half the losses last night.
Gold moved up from a small consolidation pattern on the daily chart with some resistance zones ahead. The monthly chart not pictured here shows a bullish flag type pattern forming.
Mayne Pharma sold down heavily yesterday and we were stopped out.
A few companies are showing a similar pattern to that of Polynovo which looks to have found support at a previous resistance level and could push ahead from here.
Both Evolution and Northern Star recently bounced up from longer term trend lines and we bought some Evolution for the Educational portfolio and quite a few gold stocks show interesting patterns.
Infomedia has recently moved up to fresh highs.
Macquarie Group is down from the highs and heading for a longer term trend line.
Graincorp is trading close to three year lows.
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 maximise… Cheers Charlie.