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This week the XAO continued its tight range-bound sideways action that has seen it little changed for 8 weeks. Price has formed a possible price channel where this week’s low of Friday is sitting right on the lower boundary. It will be interesting to see if price falls down out of that channel next week to form a correction (~10% fall). My suspicion is that prices will rise again next week to continue the sideways action. That would probably see the run of higher peaks and troughs continue and price ultimately break higher. In short – no clear picture where price will head when the sideways action stops.

No buys this week given the unsettled market, however, NCM was sold for a profit (Click on stock to see details).

Contact

Robert Norman

Phone: 0428 346 951
Email: robert@sharecharting.com.au

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