ASX Traders Report May 6th

All Ordinaries Index : 

The Australian Sharemarket lost over $40 billion in value in trading today after lower than expected earnings from the banking and consumer staples sectors. The past three months has seen the All Ords Index trading in a sideways pattern between resistance of 5,960 points and support of around 5,740. The index attempted to breakout from the psychological 6000 level on four occasions without success.

Today’s trading saw a very bearish candle which closed below the support level of 5,720. The bears are in control and continued selling in the short term is likely to push the index further down towards the next support of 5,670 based on August/September resistance. A drop below this level does not see support till 5,520.

All Ords Index
All Ords Index

ASX Traders report April 8th

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.

All Ords Index
All Ords Index

 

 

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.

Coca-Cola
Coca-Cola

 

 

NEXTDC (NXT) : symmetrical triangle formation. This could breakout either up or down. An up-side breakout could signal a continuation of the up-trend

NEXTDC (NXT)
NEXTDC (NXT)

 

Happy Trading

Flavio

ASX Traders Report April 7th

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. 

All Ords Index
All Ords Index

 

 

BT Investment : Continues on it’s way in a strong up-trend with a resistance breakout on Thursday.

BT Investment (BTT)
BT Investment (BTT)

 

 

Domino Pizza : Ascending triangle formation. I’m looking for a resistance breakout to trigger a long setup.

Domino Pizza
Domino Pizza

 

 

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.

Ramsay Health Care (RHC)
Ramsay Health Care (RHC)

 

 

Happy Trading

Flavio

ASX Traders Report March 23

All Ords Index : has the psychological price of 6000 in it’s sight. Needs to clear resistance.

All Ords Index
All Ords Index

 

 

AMP (AMP) : ascending triangle breakout.

AMP (AMP)
AMP (AMP)

 

 

Domino’s Pizza (DMP) : watch for a bullish breakout from the upper trendline of the triangle.

Domino's Pizza (DMP)
Domino’s Pizza (DMP)

 

 

Monadelphous Group (MND) : I’m looking to gain entry on any retracement back towards to resistance/support level of $10.

Monadelphous Group (MND)
Monadelphous Group (MND)

 

Happy Trading

Flavio

ASX Traders Report March 16th

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.

All Ords Index
All Ords Index

 

 

Domino Pizza (DMP) : looking for a breakout from the upper trend-line.

Domino's Pizza (DMP)
Domino’s Pizza (DMP)

 

 

M2 Group (MTU) : resistance breakout and new high, well supported by the 20 day moving average.

M2 Group (MTU)
M2 Group (MTU)

 

 

Mantra Group (MTR) : Ascending triangle resistance breakout for a strong technical pattern long trade possibility.

Mantra Group (MTR)
Mantra Group (MTR)

 

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

ASX Traders Report December 29th

All Ords Index

strong gains over the past six trading sessions sees it coming in close proximity to resistance. The buying has been on low relative volume so the rally may pause at 5520 points before market direction is re-established.

All Ords index
All Ords index
Qantas (QAN)

breaking out from the bullish pennant.

Qantas (QAN)
Qantas (QAN)
Ramsay Health Care (RHC)

any weakness should find support at the resistance breakout level of $56.30.

Ramsay Health Care RHC)
Ramsay Health Care RHC)
TFS Corp (TFC)

bottom consolidation forming an inverse head and shoulder. Looking for a breakout over $1.55

TFS Corp (TFC)
TFS Corp (TFC)
Fairfax Media (FXJ)

double bottom neckline resistance broken.

Fairfax media (FXJ)
Fairfax media (FXJ)

 

 

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