After a strong rebound from the March lows the local index is slowly giving back some ground.
The longer-term chart of the All Ordinaries index shows periods of big increases and the current slow and steady move up. At different times in the past the local index has outperformed the US markets, usually in periods of high commodity demand.
The US tech index the Nasdaq generally moves up at a faster pace than the local index. Sometimes the faster the climb the faster the fall.
The price of gold along with most commodities has both up and down cycles. A breach of long term trend lines can signal tougher times ahead.
The locally listed AC/DC Battery tech ETF has done well since the break above the resistance zone.
Former fast mover 4D Medical has come under selling pressure recently and moved below a support zone around $5. Will the longer term 200 day moving average provide any support?
Develop Global is holding near the highs for now.
Gas pipeline and energy infrastructure mob APA Group is slowly moving up.
Fast moving Echoiq has come off the highs quickly. Will the support zone hold?
The price of gold and gold miners are under pressure. An equal range down for Evolution would be around $9 dollars.
Long suffering G8 Education fell another 30 per cent after their latest update.
Wagners Holding looks to be taking a breather.
Metal detector maker Codan hit a new high and is up around 900 percent since the 2022 lows.
Whitehaven Coal is back testing the support zone.
Santos has been stuck in a sideways pattern for some time. When it finally does break out it could move quickly, or not.
This little table suggests that the “Sell in May” snippet of supposed market wisdom has not rung that true over the past decade says the Carson Group.
Some analysts are suggesting the current run up in US stocks is overdone considering the global energy and inflationary pressures. The table below shows that after such a strong run up in the past it has mostly led to even higher prices over the next year says Market Insights.
The recent increases in earnings from big tech companies has made current prices “less” overvalued than previously, perhaps giving some room for higher prices.
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. Goodbye, good luck and God Bless, Cheers Charlie.
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