It’s been a great day for the local stock market but near the end of the session we see the Australia 200 at resistance.
Bank stocks have been out of favour recently, partly it seems because investors have been chasing relative value in the big resource stocks, especially BHP. One of the key questions for the Australia 200 index had become how long yield starved bargain hunters were going to sit on the sidelines and watch bank stocks fall.
Extreme bearishness surrounding iron ore is receding. Key drivers include BHP’s (largely symbolic) move to defer its iron ore infrastructure spend, and a growing realisation that central authorities in China mean what they say about maintaining GDP growth at 7%. This change in market sentiment was evident at yesterday’s release of the China manufacturing flash PMI. […]
Asia Pacific indices Australia 200 is still sending mixed signals. The index held 5,790 Fibonacci support but RSI remains stuck below 50 and a triple top remains in place near 6,000. Next support on a breakdown possible at a Fibonacci cluster in the 5,650-5,700 range. Japan 225 has encountered some resistance near 20,225 and has […]
The street is expecting Facebook to report adjusted EPS of $0.40, up 18% over year on expected sales of $3.56B a 42% increase over year. The shares are trading at 42x street forecast earnings 1.4x the company’s 30% long-term growth rate. Last quarter, adjusted EPS came in at $0.54, well above the $0.48 street estimate […]
The team at the Australian / Business Spectator have encountered more technical problems. The competition will be re-started. Please watch their website for updates. Any enquiries can be sent to firstname.lastname@example.org
From Graham Kennerley at Trade with Precision: All products react to key levels, whether that reaction is by breaking through them or finding support/resistance and bouncing off them. Just like mercury resists pooling, prices are reluctant to stay at key levels for long. This can also give us a trading opportunity when the right conditions […]
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