After a big fall on Monday that followed on from weak numbers out of overseas markets the local market held steady yesterday and could be on the cusp of further falls as the global growth outlook slows. Some traders are looking for another trigger to add to their short positions. Seasonally April is usually one of the better months for gains.
The oil market kicked up last night after making a nice pivot point and higher low.
Cooper Energy looks to be consolidating the recent move higher.
Silver Lake is on the verge of a break through some previous level of resistance on the monthly chart.
Macquarie Group is having a tough time overcoming current resistance levels to break up to new highs.
St Barbara fell heavily after not being able to break previous resistance levels and after planned production changes were shelved.
We were stopped out of Platinum Asset Management and Western Areas shown below when both companies broke down through previous support levels.
Charter Hall has been moving up at a good pace in recent months yet is still trading below pre GFC levels.
Forecast lower interest rates help infrastructure stocks like Transurban which looks to have finally moved up out of 2 years in a choppy sideways move.
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.