The Australian sharemarket has enjoyed strong gains over the past four weeks and traders will be trying to determine when the correction is likely to come. Looking at the chart for the All Ords Index below I think we can see signs of this correction likely to take place soon. The index is continuing to push higher and last weeks trade saw this continue up-wards. I have drawn the short term up-trend line which in technical terms is looking to form a bearish flag. This is where the parallel trendlines are pointing upwards as shown. I think a correction this week is possible and may push he index back towards support at 5,800 points.
All Ords Index
Below are shares on the Australian share market which have interesting technical charts.
Ansell (ANN) : Symmetrical triangle breakout
Ansell (ANN)
Capitol Health (CAJ) : Symmetrical triangle , looking for a breakout
Capitol Health (CAJ)
Medusa Mining (MML) : Ascending triangle breakout
Medusa Mining (MML)
Slater & Gordon (SGH) : Bullish flag, look for a breakout to confirm continuation of up-trend
Slater & Gordon (SGH)
Happy Trading
Flavio
Comments
Log in or sign up to join the conversation.