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Very little to say this week with the market suggesting investors are undecided which way price will go from here. Last week the XAO made an equal high with the previous week (there was a difference of $0.60 in the two highs, but in $7,358 I’d call them the same). Price could still be trying to break above the resistance of that level, but with the US losing ground Friday night I’d say our market will be fairly unimpressive Monday.

The XAO closed 0.4% down which was in line with my own trades and the long-term trading portfolio I run for people who have bought my educational material.

The Gold sector lost 6% for the week and many of the other sectors also finished in the red. One notable exception was Financials which rose 0.3% for the week.

With my own trades the only stand-out performers were EMV (up 8.0%), WGN (up 11.2%). FLT lost 6.8% on more negative quarantine news.

Stocks to Watch has had DOW included as it is the only stock amongst those I watch suggesting it could rise up to 18% from its Friday close (providing it can break above about $5.85). MYX has been removed after it fell back strongly, as has TRS and NCM. RWC and SGM both rose very close to their targets and fulfilled their analysis (SGM actually met its target in the prior week). As we’ve seen it is quite difficult for stocks to achieve technical targets when the market decides to move sideways as it has the last 2 weeks. I still believe most of the stocks I’ve removed from my list still have potential, but the probability of achieving said potential has reduced. Nearly all my Stocks to Watch are noted as needing to close above certain levels to be likely to achieve stated targets and many of those removed stocks have not done so and as such the targets are not confirmed (so, as they say, ‘off with their heads’).

Contact

Robert Norman

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

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