After moving slightly above the March high the local index has retreated with 2 down days followed by 2 “inside” days which marks some indecision by traders. The index remains above the previous support zone and we closed out our remaining position when the index failed to follow through.
The price of oil has continued to creep higher.
With the price of oil moving up local oil stocks could soon be on the move again. Senex looks to be close to a break out of consolidation while Cooper Energy remains close to previous support.
The gold price has been testing recent support and has been making lower highs.
We were stopped out of the newer Bellamy’s position for a small loss.
The second position in Fortescue Metals has fared much better so far and gapped higher yesterday and we will reduce our position to lock in some gains.
Syrah could be forming a bullish flag type pattern just under a potential resistance zone and we bought a small parcel in anticipation of another move higher.
Superloop looks to be consolidating at current levels.
The big jump in Crown yesterday could be short lived.
Livetiles has moved up out of a small holding 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.