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The XAO rose 1.3% this week and is still on target to potentially reach 7,180 in the short-term.

Scanning the market today showed very few potential trades to suggest as many that were building tradeable patterns broke down during the week. That’s not to say they won’t repair that damage next week, only that we need to sit and wait to see if that happens (or a hangover following the Biden celebrations in the US kicks in and provides a week of even lower prices).

My last two weekly reports bemoaned my own portfolio slipping back a little despite the general market moving up. This week saw that situation reversed with 4.0% growth as against the market’s 1.3%. That said, my return for January at 2.0% still lags the market’s 3.3%.

Holdings that improved most dramatically were LYC (+26.1%), FPH (+10.8%) and WTC (+19.7%). I sold my remaining PMT shares during the week for a gain of 25% on the entire trade, CHN was also sold for a gain of 10%, and I exited GEM for a 6% loss because it hasn’t shown any intention of moving up as hoped. GEM probably will rise but with my analysis not fulfilled and several better investments on offer, moving on seemed the best option.

During the week I bought WGN, OSH, COH, LYC and WTC . WGN and LYC were new trades and the others were top ups of existing trades.

Stocks to Watch had CHN added and BID, GEM and OBL were removed because their prices had moved back and/or they were perceived as less likely to achieve their targets.

Contact

Robert Norman

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

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