Follow us on our Journey

This week was a breath of fresh air after the ASX doing very little for weeks with my trades up 8.1% and my long-term educational portfolio by 7.0% - so compared with the XAO’s 1.8% gain, both portfolios did well.

My best performer was MP1 (up 10.0%), followed by ARB (9.0%) and JLG (6.0%). Five other trades improved by 4% or more.

However, I’m not sure it will continue as the XAO closed this week back at our old friend – 7780 resistance! I’d like to think it will break higher (something that should see prices push for 7,930), however, for all the reasons I mention regularly (such as the market being at the top of its range) it will be hard for the market to improve much from here. The way the patterns in the XAO have developed over the past few weeks there is overhead resistance at 7,830 which could also stop a run up in the event the all important 7,780 does get broken.

As I’m tied up on another project for the next 10 days there is no Stocks to Watch report this week. If I find time during the week I may update it.

Good luck next week.

Contact

Robert Norman

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

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