Yo Yo Ma(rket)
12.12 pm The Aussie market has risen 0.5% again as the oscillation in a tight range continues apace. A decent day for my large caps with Qantas and Resolute up over 2% and Atlas up a couple of cents.
A look at the Resolute weekly shows why I'm pretty excited about this one. Although the trend changed to up in March, it was within a tight range and there was little momentum. The run up in early June was the first sign of more pace and this week's action is another technical breakout and suggest that the weekly chart is now entering a third wave which is generally characterised by a strong driving move.
In the small caps, Reliance Worldwide has done pretty well with an early push through 560
to 566 and although it has given back most of the gains and sits up 3 at
553, the break has been made.
2.33 pm After a couple of false starts over the last few weeks, Downer has made a clear break on the weekly. It's slightly extended on the daily but I've bought some stock now and will look for pullbacks for any more.
4.14 pm It was the magic number of 32 again. Up 32 on Tuesday, down the same on Wednesday and up 32 today.
I sold half the QAN and RSG, kept the DOW which finished well and added some BEN. This has had a flat consolidation and started to creep up over the last couple of days. I almost bought yesterday and think it's still ok today.
In the small or is this case, mid caps, Reliance managed a three cent gain and Blackmores was all over the shop, falling close to 3% early before rising 9 cents overall.
A look at the Resolute weekly shows why I'm pretty excited about this one. Although the trend changed to up in March, it was within a tight range and there was little momentum. The run up in early June was the first sign of more pace and this week's action is another technical breakout and suggest that the weekly chart is now entering a third wave which is generally characterised by a strong driving move.
2.33 pm After a couple of false starts over the last few weeks, Downer has made a clear break on the weekly. It's slightly extended on the daily but I've bought some stock now and will look for pullbacks for any more.
4.14 pm It was the magic number of 32 again. Up 32 on Tuesday, down the same on Wednesday and up 32 today.
I sold half the QAN and RSG, kept the DOW which finished well and added some BEN. This has had a flat consolidation and started to creep up over the last couple of days. I almost bought yesterday and think it's still ok today.
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