Follow us on our Journey

Another initially OK week brought to its knees by a big fall on Friday. Price has dropped out of a price channel I saw several weeks ago in the chart of the XAO, but I now think that price channel’s lower boundary was incorrect – see my XAO analysis for the detail and where I see price heading from here.

My trades lost 2% this week thanks to Friday’s rout. The number of trades that lost ground was only a little more than those that gained but I did see some significant moves – TRS (-12%), FPH (-10.8%) and RWC (-8.9%). On the other side of the ledger ABC rose 11% and WGN 7.4%.

I sold some of my MVP trade as it hadn’t turned around as hoped (although of course it seems to be doing so since I sold –which is always the way!). I also sold the last of my MYX as it has continued to disappoint. ECX was closed out for a small profit after peaking exactly on target. Unfortunately, its price fell back strongly and I missed exiting at the top.

I topped up OSH and WGN and bought FLT, WEB, HLS, PLS and ORA but, alas, all ended the week in the red.

The hypothetical long-term trade portfolio I’m running for those who have bought my educational material rose 2% for the week – so at least that was one bright spot in an otherwise less than positive environment.

A number of my Stocks to Watch fell off their perch in line with the general market. Given concerns about the market’s future direction 6 of last weeks picks have been removed as being now less likely to perform. I have added 5 new stocks which have been building potential patterns that have held up better in face of Friday’s negative market sentiment.

As my XAO analysis says, I’m expecting higher prices next week and reading Saturdays Age there seems to be a lot of positive sentiment about potential for travel to resume and the economy in general looking up. Hopefully, that positive sentiment will bring the buyers out of their bunker next week.


Robert Norman

Phone: 0428 346 951

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.