The local market was slowly heading higher from the recent low and today looks to have run into a resistance zone around the February low and at the 32 per cent Fibonacci retracement level.
The weekly chart shows the recent bounce in a longer-term perspective.
The US Nasdaq Index looks to be well contained within a descending trend channel for now. With US earnings season starting any downside revisions could further impact this declining market. We took a punt on a small GGUS position in anticipation of a breakout. Our stop is in place.
We bought some Clinuvel in anticipation of a possible bullish flag breakout.
Pinnacle looks to have found support for now.
Pointsbet could be forming a low.
Pilbara has bounced nicely off the support zone for now.
Australian earnings revisions were 29 per cent lower in June and perhaps a warning of lower share prices to come.
Some analysts say US earnings are due to be revised lower.
A table of US bear market peak to trough monthly durations and how long it took to regain the previous high. The current peak to trough is around 172 days so far.
Table
Security | Units bought (sold) | Date | Open price/ From last table | Current/close | $ gain/loss |
Bought Whitehaven Coal c/f at $2.76 | Bought 300 at $2.70 | 23/12/2021 | $4.78 | $4.91 | +$39.00 |
Bought Computershare | Bought 120 at $20.50 | 5/1/2022 | $23.92 | $24.45 | +$63.60 |
Bought Red5
| Bought 3,000 at 29.5c | 9/2/2022 | 32 | Sold 22/6 30c | -$90.00 |
Bought CSL
| Bought 12 at $260.00 | 16/2/2022 | $260.00 | $274.00 | +$168.00 |
Bought St Barbara
| Bought 2,000 at $1.52 | 8/3/2022 | $1.13 | Sold 22/6 $1.00 | -$290.00 |
Bought Lynas
| Bought 300 at $9.20 | 17/5/2022 | $8.52 | $9.34 | +$246.00 |
Buy BBOZ ETF
| Buy 500 at $4.10 | 7/6/2022 | $5.05 | $4.60 | -$225.00 |
Bought BBUS ETF
| Bought 100 at $11.20 | 10/6/2022 | $13.23 | $11.80 | -$173.00 |
Bought Brainchip
| Bought 4,000 at 80c | 16/6/2022 | 92c | 88c | -$160.00 |
Bought GGUS ETF
| Bought 100 at $24.00 | 27/6/2022 | $24.00 | $23.80 | -$20.00 |
Bought Clinuvel
| Bought 200 at $16.00 | 27/6/2022 | $16.00 | $15.93 | -$14.00 |
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Start 2/1/2022 $50,000.00 | Open balance $57,192.85 |
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| $57,192.85 |
| Gains/losses week -$455.40 |
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| -$455.40 |
| Current total $56,762.45 |
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| $56,762.45 |
Brokerage at $30 per round turn added when sold. | Buy/ close prices and Margin $27,897.00 |
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| $27,897.00 |
Prices from Tuesday night or 6am for US positions. | Cash available $28,645.50 |
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| $28,645.50
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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.
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