The local market has not moved much this week and is within a whisker of all-time highs.
Both the Nasdaq and S@P 500 indexes are very close to breaking the down trend line. As the deal making to secure a lift in the US Government debt ceiling is set to heat up is it good to remember that at some times in the past the US stock market has fallen between 10 and 16 per cent before a final deal was done, just saying.
BHP is in a small consolidation above a previously strong resistance level.
Fineos Corporation is one of the stocks recently shown as undervalued by Morningstar analysts.
Mirvac was another Morningstar pick. Both look about to break through resistance.
James Hardie has slowed the rate of falls and a move above the trend line could signal the low is in.
Xero looks to be building a base at these levels.
Australian Ethical looks to be forming a nice ABC pattern above the trend line.
Syrah looks to have made a nice rebound near the breakout point.
With US investors underweight equities there could be a strong turnaround when the decide to re-enter the market.
The year ahead could be a good one according to these limited statistics.
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
