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A great little rally this week saw the XAO up 3.2%. If your portfolio was weighted towards the finance (+6%), IT (+8%) or health sector (+5.5%) you may have done better than the XAO, while gold, materials and resources all ended in the red.

The XAO broke above resistance at 7,490 to make a potential target of 7,650 which is a level of overhead resistance. Should the current rally see prices close above 7,650 then that would suggest a longer-term target of 8,050.

While the targets above are certainly backed by the charts, the market remains extremely volatile and geopolitical tensions remain a worry for investors.

With my Stocks to Watch, LKE was the standout, being up 20% while TNE put on 6% and JLG 7%. This week I’ve dropped LKE because it’s price is now very close to my target and anyone thinking of trading now has probably missed the bus. I’ve replaced LKE with CGF who is making a fourth try to break above resistance at $7.22 and in the process make a target of $9.68.

XAO 18Mar22

Contact

Robert Norman

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

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