Follow us on our Journey

The XAO has ever so slowly inched higher over the past 12 weeks while it has traded in a range between resistance and support levels of 5800 to 6300. This week it made a new high for that period and as such has the potential to move up to 6800. This week’s candle was a doji which suggests indecision in the market, something that might see prices fall back next week. Some positive news on the virus front might be necessary to see prices rally, but higher prices next week are not out of the question either.

On the trading front last week was a good one with BAP, COH and WTC closed out for acceptable profits. BXB was the only purchase for the week.

Last week I said PPS and ORI were looking like potential trades. PPS has moved up to $0.545 and effectively achieved the target of $0.555. The jury is still out on ORI after it initially moved higher only to fall back a little and make a Harami candle – which does hold out hope of a rise next week.

Stocks of interest this week are VOC, PME & EOS

Contact

Robert Norman

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

Sorry, this website uses features that your browser doesn’t support. Upgrade to a newer version of Firefox, Chrome, Safari, or Edge and you’ll be all set.