The local market is having a down day today after seven days of higher closes. Perhaps this is the completion of the first leg up after drifting down the past two months.
The longer-term picture shows the index still stuck in a broad sideways pattern.
Brickworks continues the strong trend up.
Goodman Group looks to be building a base for higher prices.
Mesoblast could be shaping up for a break upwards.
Carsales looks to be breaking out of recent congestion.
Long suffering Magellan may have formed a bottoming pattern. It has moved above a line of resistance recently.
This is a recent list of Australian companies that have top class capital management according to MarketMeter.
The US based S@P 500 just hit a new 52 week high. On average over the next 12 months the index gains around 16 per cent.
After periods of relative outperformance to the rate of inflation usually comes a period of relative underperformance. The chart below shows there could be some below average performance in world stock markets coming. Be aware and prepared.
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.
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