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The XAO pushed up 0.86% for the week and remains well placed to achieve 8,000 points (my current target is 7,969).

There were some big gains across the board with 17 shares in the ASX 300 rising by 10% or better – MYX being the leader, up 25%. A reversal of iron ore prices contributed to BHP’s 5.3% decline.

My educational medium-term trading portfolio rose 1.7% and my personal trades were up by 2.0% - in part helped by a 2 day trade in NVX which netted a 17% profit.

There are an increasing number of short-term opportunities showing up for the chartists watching pattern and resistance level breaks. I remain concerned about the market’s ability to continue to rack up new all-time highs and while prepared to punt the odd share like NVX I’m opting to generally keep to a more conservative approach of holding mainly strong value stocks like MQG, COH, FPH, CSL, BXB – to name a few. I sold BXB on Friday to take some profit and reduce my exposure to that stock. I normally don’t sell until a stop loss breaks, but BXB’s movements of late have been more exaggerated than normal and I just felt it was time for a change. I bought into JLG this week because it is a stock that trends beautifully and it recently had a bit of a pullback to trend. It rose 7% for the week.

Investors streamed back into travel stocks this week, prematurely in my view given there is little likelihood of extensive international travel on the horizon for some time and even domestic travel may take some time to be realised in the hermit kingdom’s of WA and Queensland. I suspect burgeoning Covid cases in Vic and NSW will ultimately find their way over the border and their Covid-free aspirations proved to be a myth.

All but 2 of my Stocks to Watch rose and I see no reason to remove any from my lists. I’ve added JLG, VCX, SFR and MIN (the latter showing a potential 30%+ gain) – although there are numerous other contenders in this rising market

Hopefully, the market can push on back up to new highs this week – good luck to all.

Contact

Robert Norman

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

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