The local market continues to trade in a sideways pattern with a strong day yesterday pushing prices higher and still below resistance around 5800.
The stronger Australian dollar could help the retail sector after moving up higher from a year’s long sideways range.
The Reject Shop has been moving up from the recent lows.
The Dow Jones Index briefly touched 22,000 points last night. When it hit 21,000 points it took some time before finally moving higher.
The gold price is at an interesting point knocking on the uptrend resistance line and close to a breakout of a triangular congestion pattern.
Dacian gold has moved up from a small consolidation area after breaking a down trend line some time ago.
Perseus has been oscillating around the 30 cent mark for some time.
Cash Converters is in a congestion pattern and has made a higher low.
APN Outdoor has been finding support around current levels.
BWX broke through the trend line with strong momentum and we were stopped out.
Electro Optic Systems has formed a triangular congestion pattern after a very strong run up.
Disclaimer: The commentary and trading positions taken are for educational purposes only and are not an invitation to trade. Trading is risky and individuals should seek Professional counsel before making any financial decisions. Many thanks to Incredible Charts.com software for most of the charts used in the column. Monitor, measure, manage and maximise…Cheers Charlie.