The local market is trying to recover lost ground caused by big daily falls with some sideways steps. Overall the trend remains down as price is yet to move above the lower trend line.
The price of gold looks to have run into some resistance at around 50 per cent of the big range down from the 2011 top at around the $1530 level.
A few local gold shares have got the wobbly boots on with Silver Lake falling through 2 levels of possible support when we sold after a very good run up. We will be keeping a watchful eye on the goldmining space.
IPH gave a buy signal when making a fresh high on Monday after moving sideways during the current market ructions.
Charter Hall Group is continuing the long trend up and has finally moved past the October 2007 high on the longer term chart.
Online retailer Kogan has again bounced off support around the $5 mark.
Baby Bunting moved out of the sideways pattern after releasing some good results.
Atlassian has held the uptrend well during the recent market ructions and this could be seen as a sign of strength.
Despite coming off the recent highs Magellan looks to have bounced up from the trend line for now.
Nanosonics is just holding on to the current trendline support.
BWX looks to be making a possible 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.