ASX Traders Report March 5th

Ansell Ltd (ANN) : Ascending triangle breakout above resistance. Look to the trend-line for support.

Ansell (ANN)
Ansell (ANN)

 

 

Codan (CDA) : Ascending triangle breakout today on very strong volume. I’m looking to buy at 99 cents with my stops under 95 cents.

Codan (CDA)
Codan (CDA)

 

 

Capitol Health (CAJ) :  Symmetrical triangle breakout on above average volume.

Capitol Health (CAJ)
Capitol Health (CAJ)

 

Happy Trading

Flavio

ASX Traders Report March 2nd

The Australian sharemarket has enjoyed strong gains over the past four weeks and traders will be trying to determine when the correction is likely to come. Looking at the chart for the All Ords Index below I think we can see signs of this correction likely to take place soon. The index is continuing to push higher and last weeks trade saw this continue up-wards. I have drawn the short term up-trend line which in technical terms is looking to form a bearish flag. This is where the parallel trendlines are pointing upwards as shown. I think a correction this week is possible and may push he index back towards support at 5,800 points.

All Ords Index
All Ords Index

 

Below are shares on the Australian share market which have interesting technical charts.

 

Ansell (ANN) : Symmetrical triangle breakout 

Ansell (ANN)
Ansell (ANN)

 

Capitol Health (CAJ) : Symmetrical triangle , looking for a breakout 

Capitol Health (CAJ)
Capitol Health (CAJ)

 

Medusa Mining (MML) : Ascending triangle breakout

Medusa Mining (MML)
Medusa Mining (MML)

 

Slater & Gordon (SGH) : Bullish flag, look for a breakout to confirm continuation of up-trend

Slater & Gordon (SGH)
Slater & Gordon (SGH)

Happy Trading

Flavio

Wall Street Traders Report Feb 26th

The Dow Jones Index nudged higher on Wednesday with a small gain of 15 points (0.08%) to close at 18,224 points. The S&P500 index which is the broader US market index made a slight loss losing 1.6 points (0.08%) closing at 2113 points.

Volatility was low with a narrow trading range for both indexes indicating a slight pause from the recent strong up moves with the charts showing the formation of small candles in yesterdays trading. The Dow Jones Index below shows the resistance breakout has continued to push upwards. The support level sits at 18,103 points.

 

Dow Jones Index
Dow Jones Index

 

 

Pfizer Inc (PFE) : Flag breakout overnight on good volume

Pfizer Inc (PFE)
Pfizer Inc (PFE)

 

 

Charter Communications (CHTR) : Breakout from ascending triangle 

Charter Communications (CHTR)
Charter Communications (CHTR)

 

 

SM Energy (SM) : Early up-trend with a bullish candle resistance breakout

SM Energy (SM)
SM Energy (SM)

 

If you have any questions on any of the charts above please feel free to contact me.

Happy Trading

Flavio

Wall Street Traders Report Feb 25th

The U.S. stock market pushed  higher on Tuesday, nudging the Dow Jones industrial average and Standard & Poor’s 500 index to new all time highs. Overnight the Dow Jones index rose 92 points (0.51%) to close at 18,209 points with the S&P500 index putting on 5.82 points (0.28%) to close at 2115 points.

The chart below shows the Dow Jones index pushing through late December 2014 resistance on Friday with further follow through in yesterdays trading. Technically the resistance level of 18,111 points should provide short term support on any pullback.

Dow Jones Index
Dow Jones Index

 

A similar picture is noticed with the broader market index of the S&P500 chart below. It managed to breakout from the December 2014 resistance much earlier than the Dow Jones and has continued to push higher. Again the technical support level on any pullback should be at the resistance level of 2,093 points.

S&P500 Index
S&P500 Index

 

Broadcom Corp (BRCM) :  Breakout from a flag with support at $44.15

Broadcom (BRCM)
Broadcom (BRCM)

 

Mbia Inc (MBI) : breakout from the downtrend-line and inverse head and shoulders

MBI (Mbia)
MBI (Mbia)

 

If you have any questions on the charts above please fell free to contact me.

Happy Trading

 

Flavio

 

 

ASX Traders Report January 12th

Alumina (AWC) 

This chart was shown in my blog on January 5th indicating a breakout from the flag was imminent. The chart below shows the breakout was successful.

Alumina (AWC)
Alumina (AWC)

 

Magellan Fin Group (MFG)

This was another share mentioned in the January 5th report suggesting that a a breakout from the pennant was a possibility. On Friday there was a clear bullish breakout on good volume. My trigger signal for an entry has been achieved. I’ll be on the look out for an entry on Monday trading.

Magellan Fin Grp (MFG)
Magellan Fin Grp (MFG)

 

Orora (ORA)

This share is in a strong up-trend. Friday saw a breakout from resistance.

Orora (ORA)
Orora (ORA)

Happy Trading

Flavio

Wall Street Traders Report January 7th

The US market has retraced over the past few weeks after reaching all time highs at the end of last year. The S&P500 index below shows this retracement with the price just holding above 2000 points. Further decreases lower are possible with the support level of 1972 in close vicinity which may hold further declines.

S&P500 Index
S&P500 Index

 

Newmont Mining (NEW)

Bottom consolidation with a possible double bottom formation. I’m waiting for a breakout above the resistance of $20.50.

Newmont Mining (NEW)
Newmont Mining (NEW)

 

Monster Beverage Corp (MNST)

Ascending triangle and it’s trying to breakout above resistance. This will be my long trigger signal.

Monster Beverage Group (MNST)
Monster Beverage Group (MNST)

 

Home Properties (HME)

Long setup with a resistance breakout on good volume. Stops can be placed under the recent support of $65.50.

Home Properties (HME)
Home Properties (HME)

 

Extra Space Storage (EXR)

Long setup with a resistance breakout on good volume. Stops could be placed under the most recent pivot low of $58.50.

Extra Space Storage (EXR)
Extra Space Storage (EXR)

ASX Traders Report December 3rd

ASX Traders Report December 3rd

All Ords Index

The Australian sharemarket has rallied over the past two days but the short term trend is still bearish. The 20 and 50 day moving averages are trending down with the price trading well below the averages. I see resistance being met at 5350 points which is the horizontal support level of April to June which should turn from support to resistance. Last weeks rally was held up by the 20 and 50 day moving averages and it is likely that this will happen again.

Chart 1 : All Ords Index
Chart 1 : All Ords Index
Sirtex Medical (SRX)

Despite the bearish chart of the All Ords index above there are still shares in the top 300 stocks that are showing bullish technical charts. Sirtex Medical is in a very strong up-trend. A recent trading range formed with a bullish breakout candle today on above average volume. I will be looking for a slight pullback to the resistance price of $27.50 to enter with my stops placed under $27.00.

Chart 2: Sirtex Medical (SRX)
Chart 2: Sirtex Medical (SRX)

Happy Trading

Flavio

 

Traders Report November 20th

Traders Report November 20th

All Ords Index

The Australian sharemarket had another bearish day with the index losing one percent. In yesterday’s article I showed the index was trading at the support level of 5350 and that this would prove an important level for future price movements. Today’s losses resulted in the index penetrating this support level and closing at its lows and in the process forming a long bearish candle.

The 20 day moving average has crossed below the 50 day moving average which is another bearish signal. Looking forward it is possible that the bearish sentiment will continue and the next support level of 5120 comes into range. In my opinion the market is headed lower in the medium term. Any rise in prices is probably going to be met with resistance at the August pivot low of 5420.

At this stage I am staying clear of any long position trades on the Australian sharemarket and have therefore not provided any trade suggestions for specific shares.

Flavio

All Ords Index
All Ords Index

Traders Report November 19th

Traders Report November 19th

Australian shares have fallen for the third day in a row. The technical’s show that the index fell straight through the support level of 5420 and closed at it’s low today of 5352. This level was the support low seen in April to June. If the price falls through this price level then it is likely to signal further weakness and the index could then begin to fall all the way down to the low’s seen in mid October.

In contrast the US markets are continuing it’s bullish run with the S&P500 index making a new high overnight. It is clear that the Australian market is trading independently of the larger US market and is failing to follow it’s lead. This may signal that investors and traders are bearish about Australian market conditions and see better value in other markets. A pull back in the S&P500 index is likely to be supported at the resistance level of 2020 points.

I am neutral at present and not entering any long trades on the Australian market until I see evidence of the support level at 5350 holding and retracing above 5420.

Happy Trading

Flavio

All Ords Index
All Ords Index

 

S&P500 Index
S&P500 Index