Weekly Blog

The XAO had a sixth week of sideways action in a narrow range with no indication which way it will ultimately break.

This week did provide an opportunity to buy into trades on BHP and FMG (Click on company names for more detail).

Weekly Blog

Alas the promising spike in the XAO was short-lived and prices retraced back to the lower boundary of the channel shown a couple of weeks ago (chart here). However, price hasn’t made a lower weekly low so we live in hope. The weekly candle is a Harami suggesting prices could go lower next week. The market remains undecided with no significant weekly move for 5 weeks.

During the week I bought MSB and closed out a trade on EOS.

Weekly Blog

The XAO rose convincingly this week although Friday made a reversal candle – suggesting next week could open lower. Price broke above 6125 making a higher high after a lower low, a very positive. signal suggesting price is now more likely to rise than fall. However, the outlook remains unclear because of virus concerns. My view is price will go higher but expect regular retracements along the way. As noted in previous weeks, if price can break the previous high around 6311, then 7000 is on the cards.

No buy or sells this week.


Robert Norman

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

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