The local market was boosted by the positive response from investors to the banking sector after the release of the final Hayne royal commission report and recommendations. Some say the recommendations did not go far enough in punishing those whose actions went against the customer’s best interest and dismantling the vertically integrated wealth businesses which caused some big conflicts of interest.

The price of gold looks to be consolidating the recent move higher, will it reach previous resistance at $1,360?

Fortescue Metals has been up steeply over the past 2 weeks after breaking out of congestion and we are tightening our trailing stop and keeping an eye on possible price targets.

 

Polynovo finally moved up out of a congestion zone and we bought.

A few gold stocks have pulled back in price to the original breakout like Westgold which could offers some trade possibilities and we bought some today.

 

A graph taken from an analysts report on Westgold shows some previous relative enterprise values.

Resolute’s share price failed to move as expected and we will exit the position. The company increased their gold hedge exposure which lessens the amount of upside from an increased gold price.

 

Nearmap has continued to move up after breaking out of some sideways congestion.

Bellamy’s is moving up from a sideways base and we added some to the educational portfolio today and an overseas hedge fund has picked up some A2Milk.

 Platinum Asset Management is yet to make a higher high.

Reliance looks to be heading higher.

 

Table

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.