The local market is still trading in some sideways congestion just below a previous support and resistance zone.
The gold price has moved up out of the small congestion pattern forming above a previous resistance level touching $1,344 last night and perhaps giving some impetus to local gold stocks.
Ramelius Resources is up more than 60 per cent over the past few months and still trading within the large range capturing prices over the past 2 years and getting close to previous resistance.
Evolution has been in a nice looking consolidation pattern above a previous high point.
Bellamy’s price movement has been disappointing since we bought and is close to our stop loss.
Vitamin maker Blackmores share were sold down 24 per cent yesterday after disappointing results and a poor outlook.
Hearing specialist Cochlear was sold down 8 per cent on a weaker outlook as competition from other products increases.
Altium lived up to high expectations and shares moved up more than 20 per cent on the day. This stock has a habit of moving up when results are announced. The large green arrows show when results were released and the subsequent price spurt.
The A2 Milk Company delivered a strong result today and shares rose more than 8 per cent in early trade.
Magellan Financial looks to have moved above the large sideways action of the past 3 years.
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.