Best behaviour
12.46 pm The index is flat as nobody wants to be seen to be window dressing on the last day of the financial year....it probably happened yesterday. My positions are doing ok with RIO up again and the oils flat. I sold out of NWH at 169 and it's now 170, up 4.6%.
Afterpay was interesting. It reversed higher in a pattern that I see quite regularly. I sold at 935 which is where it's trading now though it spiked as high as 952 which was close to the original target. The pattern is corrective and in a tight range where, to my eye, there's a small overlapping 5 wave pattern which then reverses higher. I went too early, buying the 4th wave higher of this small set up but avoided selling the minor 5th low. If you're really confident, a little bit courageous and you keep your position size small, this kind of set up can be a good risk/reward where you might buy a low. There was a similar set up to this a few days ago in BHP but it was easier to see.
3.19 pm I'm thinking about buying some shares in plumbing supplies company, Reliance Worldwide. The stock gapped higher in May on a well received acquisition despite a capital raising at 415. Since then the correction has been shallow with the suggestion of a higher low with today's rally. I'll see how it looks on the close but unless it reverses below yesterday's low, it's reasonable to buy some.
4.27 pm The index rolled over in the last hour as negative window dressing seems to be more acceptable to ASIC than bidding things up. It certainly seemed out of sync with markets elsewhere. Having said that, we've been running our own race lately and the XJO chart could easily stand a couple more days of correction before having a run at 6250.
I'm happy to see the back of this financial year which was a tale of two halves with a solid first half and a lacklustre second.
I bought a couple of RWC at 536 on the match.
Afterpay was interesting. It reversed higher in a pattern that I see quite regularly. I sold at 935 which is where it's trading now though it spiked as high as 952 which was close to the original target. The pattern is corrective and in a tight range where, to my eye, there's a small overlapping 5 wave pattern which then reverses higher. I went too early, buying the 4th wave higher of this small set up but avoided selling the minor 5th low. If you're really confident, a little bit courageous and you keep your position size small, this kind of set up can be a good risk/reward where you might buy a low. There was a similar set up to this a few days ago in BHP but it was easier to see.
3.19 pm I'm thinking about buying some shares in plumbing supplies company, Reliance Worldwide. The stock gapped higher in May on a well received acquisition despite a capital raising at 415. Since then the correction has been shallow with the suggestion of a higher low with today's rally. I'll see how it looks on the close but unless it reverses below yesterday's low, it's reasonable to buy some.
4.27 pm The index rolled over in the last hour as negative window dressing seems to be more acceptable to ASIC than bidding things up. It certainly seemed out of sync with markets elsewhere. Having said that, we've been running our own race lately and the XJO chart could easily stand a couple more days of correction before having a run at 6250.
I bought a couple of RWC at 536 on the match.
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