Banks showing the way
11.47 am The market has bounced 38 points as banks have performed strongly. The weekly charts have been encouraging over the last month and the dailies, while choppy, are also shaping nicely.
I've bought some NAB today at 3008. I think it can rally to about 3150, possibly this week.
A minor new low was made in late June and the weekly bars have started to turn with last week breaking the range in a tentative sign of a change in trend.
The daily is starting to make higher lows and higher highs with last week's daily high pushing through the three previous retracement highs in late May and mid June.
Otherwise, it's been a mixed start to the trading week for me with MIN a nice performer, up 2%, but the rest pretty steady while I had to cover a hedging short in BTT as it bounced about 1.5%.
4.19 pm The market slipped lower and the rise was 21 points on the day. I continue to be concerned about a drive lower and since I don't particularly have much in the way of shorts at the moment, I decided to sell out of half the LNK, MIN and the new position in NAB for around the entry price. I'd rather wait and see what develops.
I have IGO still as it held the lows but it was quite close and I can see that I could end up having to cut that in a day or so.
I've bought some NAB today at 3008. I think it can rally to about 3150, possibly this week.
The daily is starting to make higher lows and higher highs with last week's daily high pushing through the three previous retracement highs in late May and mid June.
Otherwise, it's been a mixed start to the trading week for me with MIN a nice performer, up 2%, but the rest pretty steady while I had to cover a hedging short in BTT as it bounced about 1.5%.
4.19 pm The market slipped lower and the rise was 21 points on the day. I continue to be concerned about a drive lower and since I don't particularly have much in the way of shorts at the moment, I decided to sell out of half the LNK, MIN and the new position in NAB for around the entry price. I'd rather wait and see what develops.
I have IGO still as it held the lows but it was quite close and I can see that I could end up having to cut that in a day or so.
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