The decline in the price of gold overnight below the recent support level offered traders a chance to go short and we sold 2 mini contracts close to the breakout and have put in a close stop for one contract should price quickly change direction. We posted a gold chart last week showing the lower tops stopping at the support zone. With having three parcels of different gold shares this position will also act as a hedge against share price falls.
The local market is again in a sideways move.
We added to our Syrah position looking for an upwards breakout from the down-sloping wedge pattern from which prices can break either way quite rapidly.
Fortescue is down today moving out of the recent sideways pattern and we will close out another parcel.
Telstra looks to be positioning for a possible move higher.
Cochlear announced the release of an MRI friendly product which could boost sales and prices.
Integrated Research looks to be building up for a possible move higher.
Megaport has moved up to fresh highs.
Cooper Energy is holding above the recent support and resistance zone.
BWX could be forming a bottoming 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.