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The XAO still refuses to move either way, opening and closing at the same level  this week – making a doji right on the lower boundary of a long term price channel. The doji could signal a reversal in price next week, something that could see the XAO break down out of that channel for the first time since April. This doesn’t mean further falls are ahead because (a) it might not break lower, and (b) if it does it may recover quickly and move back up towards the upper price channel boundary around 7000/7200. The market is looking for some good news on the virus front and as long as infections remain high it is hard to see investors pushing prices higher.

No buys this week in light of the potential for the market to retrace, although a number of potential opportunities were passed over.

FMG was sold for a profit after only being purchased last week. Click on company name for details.

 

Contact

Robert Norman

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

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