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.
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.
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.
Below are shares on the Australian share market which have interesting technical charts.
Ansell (ANN) : Symmetrical triangle breakout
Capitol Health (CAJ) : Symmetrical triangle , looking for a breakout
Medusa Mining (MML) : Ascending triangle breakout
Slater & Gordon (SGH) : Bullish flag, look for a breakout to confirm continuation of up-trend
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.
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.
Broadcom Corp (BRCM) : Breakout from a flag with support at $44.15
Mbia Inc (MBI) : breakout from the downtrend-line and inverse head and shoulders
If you have any questions on the charts above please fell free to contact me.
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.
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.
This share is in a strong up-trend. Friday saw a breakout from resistance.
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.
Newmont Mining (NEW)
Bottom consolidation with a possible double bottom formation. I’m waiting for a breakout above the resistance of $20.50.
Monster Beverage Corp (MNST)
Ascending triangle and it’s trying to breakout above resistance. This will be my long trigger signal.
Home Properties (HME)
Long setup with a resistance breakout on good volume. Stops can be placed under the recent support of $65.50.
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.