The local market showed some signs of life in the first two days of the week after breaking the previous swing high. Can the index final push through the sideways shuffle or will Septembers’ seasonal downdraft catch hold.
The mining sector has been pushing higher with the materials index looking to stabilise around recent highs.
The small company’s index has pushed up out of the previous sideways action.
The price of gold has taken a tumble and could possibly find support around the $1,280.00 to $1,300.00 price zone.
Quite a few junior miners have made steep gains recently with Galaxy leading the way.
We have been watching Pilbara Minerals and bought when price broke upwards on Friday.
Diversified mining outfit South 32 has moved to fresh highs.
Coal miner Whitehaven has been moving higher and is up 50 per cent from the April lows.
After successfully landing a bid to develop a coal seam gas block Senex Energy moved sharply higher before drifting lower.
BWX continues to move up as the company expands through takeovers.
Aconex looks to be consolidating at recent lows.
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.