The local market has come off the recent high and could be heading down to a possible support level around 6,350. A bounce off support and a lower high would be an interesting pattern for the sell in May supporters looking for a further decline.
The gold price has been bouncing off current support and at the same time is making lower highs. Sometime soon it could break into a new trend.
Credit Corp has broken out of a large sideways pattern and made fresh highs.
Appen has also moved up out of some sideways consolidation and could make a fresh leg higher.
Integrated Research has moved up and we will buy a parcel for the Educational portfolio
Syrah is close to breaking down through a trend line support level.
Charter Hall Group has edged up from a consolidation pattern.
Smartgroup has bounced of a support zone close to a previous high.
Nearmap is taking a breather after a nice run up and has made a possible swing low.
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.