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  • Charlie's Charts

Charlie’s Charts 22nd January 2020

The local market took a breather yesterday closing slightly down before a strong rally today. We sold the remaining half of the ASX 200 cfd’s late on Friday before the weekend. A retracement down to the old highs could be seen as a consolidation move before a further upswing. Some analysts suggest the market is way overvalued, time will tell how far this rally goes. People forget how far a market can move before the eventual downturn comes. The last two legs up are shown in the chart below with a line up from the last low showing the 36 […]

Jan 22, 2020

  • Charlie's Charts

Charlie’s Charts 15th January 2020

The local index moved through resistance at the 6,870 level and came back close to the breakout level in a classic ABC type move. While most of the headlines are about the devastating bushfires and the terrible losses the “market” looks to be climbing that wall of worry. After three months locked in a sideways move near to the old highs the probabilities suggest we are due for a bit of a run. Time will tell the story. A basic target could be to add the 250 point trading range to the 6870 breakout to make 7,180  as a likely […]

Jan 15, 2020

  • Charlie's Charts

Charlie’s Charts 8th January 2020

The local market again pushed higher and once again has met some resistance. It is the third slightly lower top in a row. The gold price gyrations continue in the wake of the uncertainty of actions Iran may or may not continue to take. We were prepared to act last week and then lucky to be in and out of the market in one day before the weekend. We hold some gold stocks for the longer term. Resolute Gold shows an interesting monthly chart and a reasonable and a potentially high risk-reward ratio on a trade. We added some to […]

Jan 8, 2020

  • Charlie's Charts

Charlie’s Charts 2nd January 2020

The local market ended the year on a slightly sour note falling 100 points on the last trading day of 2019 and closing down on the week. The All Ordinaries index is having trouble getting past that 7,000 level. We were stopped out of Technology One after price briefly touched the resistance zone then fell away below our stop loss level. The gold price seasonal has come into play and a few Aussie gold stocks now show good risk reward and trade possibilities. The gold chart has a potential bull flag pattern forming and a $1900 target after and if, […]

Jan 2, 2020

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