The local market continues to hold on to the small gains made after breaking out of the sideways pattern and making a series of higher lows. If the trend continues we could make a move up towards the high.

Charter Hall Group is getting very close to our exit point.

The price of oil has moved up out of a consolidation pattern and prompted a look at some oil stocks.

Senex recently broke higher as did Santos and we went with the lower priced Senex for now.

Whitehaven Coal has an interesting looking chart having retraced to possible support around a previous high and close the 50 per cent of the range up level. We bought a parcel for the educational portfolio today.

Saracen did not move the way we had anticipated and we were stopped out quickly for a small loss at a point decided when we entered the trade that included 2 possible support levels. Best to stick to the plan, take the loss and move on to the next trade rather than dilly dally and waste precious capital and time on it. Trading consists of both wins and losses and is all a part of the cost of doing business in a well thought out trading plan.

We were also stopped out of Perseus when price moved below our entry point. The local gold index shown below looks set for further falls after making a lower top and breaking below the trend line.

Isignthis has been a standout performer this year rising ten-fold and with 4 consecutive steeper trend lines one wonders how much further before some kind of correction.

Mayne Pharma looks to be making some kind of consolidation pattern.

Kogan continues to move up after bouncing off support.

Treasury Wine Estates looks to have moved out of the recent sideways pattern.

Macquarie Group continues to trade above the trend line and make mostly higher lows after raising capital for more infrastructure investments.

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.