The local market looks to be marking time before the next big economic data release or possible rate cut from the US.
The Dow Jones Index in the US looks to be forming a bullish flag pattern above the recent breakout. Some analysts suggest the next target could be the magic 50,000 level.
Chalice Mining could again be looking to move out of the sideways range. Will it succeed this time?
Kelsian Group moved up higher after their latest update.
Woolworths had the biggest daily drop for years after their latest earnings update.
RPM Global had a nice rise after the latest update.
The gold price has been treading water in a sideways coiling type range for the last four months with some analysts suggesting a decent move is coming. This chart shows that gold can trade sideways for long periods before resuming a trend. Time will tell if the current congestion ends soon.
A look at one brokers estimates on where Australian resource stocks could be headed in relation to fair value numbers.
September is usually a poor performing month for stocks in the US.
With the prospect of lower interest rates in the US the micro-cap index has picked up and could be heading higher.
This interesting graphic from Firstlinks Edition 626 shows how the borrowing power of home buyers has grown over time. Some of these growth drivers could be starting to wane.
This chart is also from the very informative article in Firstlinks edition 626 titled, “Australian house price speculators: What were you thinking?”
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. Cheers Charlie.
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