Lazy Friday afternoon
12.31 pm It's a quiet day after the week's ructions. Overnight leads were strong but we'd preempted that. Asian markets are continuing to bounce but the ASX 200 has drifted lower and is down 17 to 6251. Best of my positions is Appen which is up 3% and Reliance Worldwide, up 13 to 567 and shaking off yesterday's wobbles where the break through short term resistance at 560 was in doubt after a late sell off to 554.
Judging by today's action, if the stock can hold at current levels, there'll be a spurt up to around 600 early next week.
1.57 pm The larger of the lithium stocks have started to rally. Pilbara made a weekly buy signal last Friday at 93 and is up to 108.5 having touched 112.5 this morning. Galaxy and Orocobre look ready to follow with Orocobre already moving. The weekly shows a higher low and minor breakout last Friday with confirmation this week but without the stock having run too hard.
The daily shows a base on base pattern that is breaking through an old support and resistance level of 560 and seems likely to quicken from here.
I'm in Galaxy and will probably add some Orocobre later today.
4.25 pm It was all square by the close, finishing at 6268.
Netwealth is a fintech that's been around for a while but only listed last year since when it's been steadily climbing higher. There was a profit upgrade of 6% and an 8% rally. I bought at 905 shortly before the match which saw a final price of 913. Often the bounce in a stock will approximate the quantum of the upgrade but in this case there'd been a regulation correction from 1000 and today's rally formed a higher low and daily/weekly buy signal with a target above 1000. I didn't buy much, it's too volatile for now.
Judging by today's action, if the stock can hold at current levels, there'll be a spurt up to around 600 early next week.
1.57 pm The larger of the lithium stocks have started to rally. Pilbara made a weekly buy signal last Friday at 93 and is up to 108.5 having touched 112.5 this morning. Galaxy and Orocobre look ready to follow with Orocobre already moving. The weekly shows a higher low and minor breakout last Friday with confirmation this week but without the stock having run too hard.
4.25 pm It was all square by the close, finishing at 6268.
Netwealth is a fintech that's been around for a while but only listed last year since when it's been steadily climbing higher. There was a profit upgrade of 6% and an 8% rally. I bought at 905 shortly before the match which saw a final price of 913. Often the bounce in a stock will approximate the quantum of the upgrade but in this case there'd been a regulation correction from 1000 and today's rally formed a higher low and daily/weekly buy signal with a target above 1000. I didn't buy much, it's too volatile for now.
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