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The XAO has broken and closed above resistance and technically can now aspire to top out about 8,000. I wouldn’t be so bold as to suggest there might not be a few steps backwards along the way, but with a good strong candle last week, next week could see further improvement if there is no major bad news to rock the boat.

The next level of overhead resistance is around 7,850 so that would be a place I’d expect to see a week or two down before a final push higher.

Last week’s Stocks to Watch had a couple of winners with PLS and LKE both up 14.5%. LKE reached its target and with less potential to rise I’ve deleted it from this week’s list. JLG is also gone as it tends to trade in a narrow price band and while likely to seesaw its way higher, it is near the top of that range and more of a long-term hold than one that will rocket higher. I’ve added ASM which is potentially likely to rise off a line of long-term support and LTR which is moving up strongly, possibly on a Wave 5 (as in Elliott Wave Theory).

There are quite a few other stocks I like at the moment, such as MLD, AIA, EVN and COH – just to name a few. However too many to go into detail on.

Let’s hope the rally continues.

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Robert Norman

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

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