The Australian Sharemarket lost over $40 billion in value in trading today after lower than expected earnings from the banking and consumer staples sectors. The past three months has seen the All Ords Index trading in a sideways pattern between resistance of 5,960 points and support of around 5,740. The index attempted to breakout from the psychological 6000 level on four occasions without success.
Today’s trading saw a very bearish candle which closed below the support level of 5,720. The bears are in control and continued selling in the short term is likely to push the index further down towards the next support of 5,670 based on August/September resistance. A drop below this level does not see support till 5,520.
Walt Disney Company (DIS) : Trading in a strong up-trend. Has formed an ascending triangle with horizontal resistance at $109.00. Wait for a breakout close above this level to trigger a long signal.
Pfizer (PFE) : Trading in a strong up-trend with a horizontal resistance level of $35.50. Wait for a breakout close above this level to trigger a buy signal.
Apple (AAPL) : Price currently supported by 50 day ema. Short term resistance at $130 which price needs to clear for long position trigger signal. A positive earnings announcement on April 27th may be the trigger for such a move.
S&P500 Index: The index tracking the major US listed stocks is currently trading in a range bound by resistance of 2,120 and support at 2,040. Over the past few weeks the index is converging and forming a triangle. Reporting season is likely to provide future direction with better than expected results likely to push the index higher but disappointing results could see the index break lower below the support level.
RPC Inc (QEP) : the share price has formed a bottom reversal inverse head and shoulders with a confirmation of the pattern yesterday with a breakout out above the neckline.
All Ords Index : The index pushed higher on Wednesday and gained 0.6% to close in on the resistance level of 5,960 points. It appears to be forming an ascending triangle so traders should be on the lookout for a resistance breakout to confirm a continuation of the up-trend.
Coca-Cola Amatil (CCL) : ascending triangle formation. has cleared resistance today so I will be looking for a confirmation close at the end of trading Thursday.
NEXTDC (NXT) : symmetrical triangle formation. This could breakout either up or down. An up-side breakout could signal a continuation of the up-trend
All Ords Index : The index is trading between a range bound by a resistance high of 5,960 and support of 5,720. A break of the support level would be a technical double top formation.
BT Investment : Continues on it’s way in a strong up-trend with a resistance breakout on Thursday.
Domino Pizza : Ascending triangle formation. I’m looking for a resistance breakout to trigger a long setup.
Ramsay Healthcare : after a strong up-trend this has consolidated over the past few weeks to form a symmetrical triangle. This could breakout either direction with an upside breakout signalling a continuation of the prevailing up-trend.
All Ords Index : Retraced last week and challenged the 5,700 support level. Prices are now trading under the 20 day moving average which has turned slightly downwards. A further pullback to the 5,700 is possible before we see a resumption of the up-trend. The index is still trading well above the longer term 50 day moving average.
Domino Pizza (DMP) : looking for a breakout from the upper trend-line.
M2 Group (MTU) : resistance breakout and new high, well supported by the 20 day moving average.
Mantra Group (MTR) : Ascending triangle resistance breakout for a strong technical pattern long trade possibility.