S&P/ASX 200
Bearish on Goodman Group $GMG (Descending Triangle)Bearish on Goodman Group $GMG
The descending triangle is a bearish formation that usually forms during a downtrend as a continuation pattern.
Could we break the descending triangle (shorting opportunity) and retract back to the 200 MA?
Well, the more we test the support line, the more likely to break...
The MACD, RSI, and CMF are looking terrible.
20, 50 moving averages are trending down.
I'll be bullish again if the stock price can close above both the green and yellow line and I cannot see breaking easily.
CBA to retrace back to moving average. $CBACommonwealth Bank of Australia had a good rally the last few trading days and shares likely to retrace back to the moving averages. Technical indicators such as the MACD, RSI, DMI and TD Sequentials are showing bulls are running out of energy.
What to do with A2 Milk on trendline support. $A2M A2 Milk retraces back to the trend line support today. This is NOT a buying opportunity for me because the risk is greater than the reward. We could open below the trendline next week and going down fast. Also, there is a gap on the chart that is yet to be fill.
If we could close above $15.68 area, I may consider a long position in A2 Milk.
Time to take profit in The Reject Shop $TRSOn 20 January 2020, I posted about $TRS could possibly go higher from $3.95. We are at $4.70 right now.
The risk is greater than reward for holding this stock.
Thus, I would sell because TD Sequential is showing a 9 and price is due for a pull back move to the moving averages.
Time to reduce risk Asx200 $XJO My forecast for the Hang Seng and Dow Jones are that a reversal back to the moving averages.
Now we are likely to see the same for XJO towards mid February.
The worst case scenario is we reversal back to the long term trendline support.
At this stage, it is unlikely that would happen.
Therefore, reversal back to 6800-7000 is more likely to me.
I have reduced my portfolio from 11 positions to 4 heading to next week.
Here is a setup in Northern Star $NST - TD sequential has a green 2 over green 1.
- Inverse head and shoulders.
- Above all moving averages, acting as support
Worth watching closely tomorrow.
$TRS 100%+ gain since Dec while Australian retail in a recessionBroke out of the triangle on last Friday with a 9%+. So how much more upside is there for The Reject Shop? While Australian retailers suppose to be in a recession according to multiple sources over the last year. If we fall below $3.60 it is likely to be over. Over the yellow line and we could see another breakout to the upside...
Worth watching this week.
Clover, Decision time today or next week. $CLVWhich way is the price going to go?
From looking at the RSI, MACD and DMI, we are more likely to break to the upside.
Worth adding to the watchlist.
$WHC Whitehaven Coal approaching key support lvl. Will it hold? Whitehaven Coal approaching key support level. Will it hold?
Fundamental is not looking good due to labour shortages and bushfire disruption.
It is below all moving averages and other technical indicators are showing it most likely to go lower towards the key support line of $2.49.
Not financial advice but If I was holding, it is time to sell and buy something else.
$NEA Nearmap what are you going to do? Worth adding to the watchlist. Breakout or Break down coming soon.
The XJO is bullish at the moment, technical indicators are bullish. So it is more likely to go higher at this stage.
But we should not buy right now and should be patient + wait for confirmation.
Go Long $APX AppenTechnical indicators are turning bullish and chart pattern looks like a double bottom.
Today we have broken all the moving averages which were acting as resistance. Now it will be acting as support.
I like Appen here, Go Long.
So dead cat bounce or was I wrong? $SAR Saracen Mineral Saracen Mineral most likely heading for a green 9 on the 2D chart and this cannot be ignored.
By looking at previous green 9 signals on the TD Sequential, it often show a temporary top before moving higher or lower.
Nothing is certain in the stock market, so here are my two predictions for the next few days/weeks.
1. Red Arrow - We hit resistance starts retracting back to the moving averages or trend line support.
2. Green Arrow - We have "profit taking" for a few days/weeks to create an inverse head and shoulders and then continue to go higher.
So was I wrong about the dead cat bounce or was I correct? let's see.
P.S I am holding this stock.
Bubs still looking terrible for a long position.I'm not interested in a long position in Bubs unless we can close above the green line. $1.05.
Risk to reward is not good. If we close below 93-94 cents next week, it will drop fast toward the 200 ma. (red line)
Zip Pay to close above or below the 200 moving average tomorrow?Zip Pay to close above or below the 200 moving average tomorrow?
Currently, the MACD, RSI and DMI, moving averages doesn't look good for Zip Pay.
Therefore, more likely to go lower using technical analysis.
Australia Stocks and S&P/ASX 200 Drops At The End Of TradingOn Wednesday, Australia stocks were softer after the stock trading. It was due to the deficits in the IT, Consumer Discretionary, and Financials sectors that led the shares weaker.
At the end of trading in Sydney, the S&P/ASX 200 plunged 0.13%.
The best performers of the trading session on the S&P/ASX 200 were Independence Group NL , which soared 6.00% or 0.390 points to trade at 6.890 at the close.
Meanwhile, Newcrest Mining Ltd also increased by 4.03% or 1.240 points to end at 32.000 as well as Regis Resources Ltd that rose 3.70% or 0.160 points to 4.480 in late trading.
On the flip side, the worst performers of the session were Polynovo Ltd declined 8.13% or 0.165 points to trade at 1.865 at the end of the stock trading.
Pendal Group Ltd also dropped 5.32% or 0.480 points to end at 8.540 along with Pilbara Minerals Ltd that decreased 4.76% or 0.015 points to 0.300.
Meanwhile, falling stocks outnumbered advancing ones on the Sydney Stock Exchange by 761 to 402, and 333 ended untouched.
Moreover, shares in Independence Group NL grew to 5-year highs; up 6.00% or 0.390 to 6.890.
The S&P/ASX 200 VIX , which is measuring the implied volatility of S&P/ASX 200 options, strengthened 3.14% to 13.018.
Go Long, Wesfarmers. $WESWesfarmers Ltd (ASX: WES) is often regarded as one of the best blue chips on the ASX.
Breaking out today and heading higher ahead of earnings.
Technical indicators are bullish.
Good stock to buy and hold.
Sell, Time to take profit on Kogan $KGNKogan, one of my favorite stocks in Australia had a great run in 2019.
Time for it to retrace back to trendline or the 50-day moving average.
MACD is starting to turn bearish, RSI is already heading down.
I would sell and buy Gold Stocks in the short term.
Dead Cat Bounce on 200 MA Saracen Mineral? $SAR Dead Cat Bounce on 200 MA for Saracen Mineral? $SAR
Short term target $3.18.
Commonwealth Bank of AUS to retrace back to moving averages $CBASell or Short $CBA.
Commonwealth Bank of Australia to retrace back to moving averages.
More likely to retrace back to the 200 moving average (red line) at this stage to form an ABC correction.
Or retrace back to trendline support.
Beach Energy Looking Good if price can break $2.45. $BPTBeach Energy Looking Good if price can break $2.45. $BPT
Green 2 over Green 1. "Go Long"
Elder Impulse System is green = " Go Long".
MACD and RSI about to get bullish too.
ANZ BANK close to the 200MA on the monthly again. Is it a buy? Australia and New Zealand Banking Group (ASX: ANZ) share price has fallen big in the last few months.
Value Investors, is this a buy for you?
For me, $25 is the magic number. If we can hold and bounce strongly above $25 before the monthly close. It is a good buying opportuntity in the short term. Due to "reward to risk".
If we close below $25, ANZ doesn't look good...
