The local market has finally cracked a new all-time high 24 points higher than way back in November 2007. The accumulation index which adds the dividends received is about 68 per cent higher than the 2007 top having passed that high in September 2013.
The Australian Foundation Investment Company is also knocking on the door of a new high.
Silverlake has moved down from the highs and below a potential consolidation pattern. We took some profits on all our gold holdings and wait to add some more gold stocks when tradeable patterns appear.
Although in a wide trading range Ramelius is trading above the recent breakout on a monthly chart and today cleared the recent high. Perseus looks to have made a fresh higher low and we bought a parcel.
Clean Teq Holdings looks to be forming a nice basing pattern.
A few building stocks took a hit this morning with ABC down 18 per cent to the $3.50 level.
Aussie bred tech stock Atlassian has had a good run so far averaging 80 per cent gains yearly.
Cloud storage outfit NextDC looks to be on the move again putting in another higher low.
Independence group has made a massive triangular pattern.
Brambles is again closing in on all-time highs.
Pinnacle looks to have found some support at these levels. The completion of an ABC type pattern on the daily chart could present an opportunity soon.
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.
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