The local market moved up strongly yesterday to post a fresh high for the year and is not far away from last year’s high at 6,373 thought still shy of the 6,850’s last seen in 2007.
The longer term monthly chart putting the 2007 high into perspective.
The tech heavy Nasdaq 100 index in the US is shown in this monthly chart over the same period with a fresh high posted in last night’s trade. After a few years in the wilderness the index took off.
Local flavoured tech stock Atlassian has had a good year so far despite the recent hit to prices.
Locally listed sales platform Kogan is again on the rise.
Hub24 is showing cause for concern as prices fail to break to new highs as volume dries up. We will take some good profits and sell our position today and perhaps buy back again down the track.
Nearmap has been on a good run and a break up from this possible continuation pattern could become a good trade over time.
Mayne Pharma could be forming a basing pattern.
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.