The local market is up nearly 1 per cent today after the June quarter inflation figure came out at 6 per cent.
On a monthly chart the local index looks to be forming a bullish outside bar.
The price of copper looks close to breaking out of a congestion pattern.
The locally listed FANG+ EFT has made a spike high for now.
Iron ore stocks have gone up in anticipation of some stimulus for China’s economy. Fortescue has moved above a stubborn resistance zone.
Santos is still in a large sideways congestion pattern.
MA Financial saw their share price decline after announcing that one of the funds in their stable was restricting redemptions. Not a great sign for a fund manager.
Australian Agricultural Company has ticked up from recent lows.
IPD Group is still showing a strong trend up.
Mader Group is also showing a strong trend upwards.
Calix looks to be forming a down sloping wedge pattern which can often signal the end of a downwards trend.
In the US market the Tech stocks rise is mainly about price earnings expansion.
Disclaimer: The commentary on different charts is for general information purposes only and is 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.
To order photos from this page click here
