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.
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 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.
Pfizer Inc (PFE) : Flag breakout overnight on good volume
Charter Communications (CHTR) : Breakout from ascending triangle
SM Energy (SM) : Early up-trend with a bullish candle resistance breakout
If you have any questions on any of the charts above please feel free to contact me.
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.