After a nice rally off the December lows the local market sold off yesterday after reaching a previous resistance zone with the biggest one day fall since early January.
Resources have been leading the way up as financials struggle.
Highly rated and highly priced tech stock Appen delivered an excellent earnings result with shares rising more than 20 per cent on the day. Like Altium this stock can also have big upward moves on earnings announcement days.
IPH looks about to move up above previous highs after some sideways consolidation.
Hub24 delivered a result below expectations and fell 14 per cent yesterday and is still trading within a large sideways range.
Flexigroup moved up 8 per cent yesterday and a further 16 per cent this morning after announcing a deal with canny investor John Wylie.
Retirement living provider Lifestyle Communities looks to have found support at current levels.
Clinuvel has had a great run since the October low.
Syrah Resources could have made a false break of the recent lows.
It is interesting to note after the first week of trading the leaders in the ASX share game are up more than 10 per cent already. That is what having a concentrated portfolio can do with big swings both up and down possible.
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.
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