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Weekly report 24th November 2014

Monday 24th November 2014.

The week ahead is being defined by today’s price action. Major short covering taking place in the materials sector.
Banks have not taken the lead and traded in line with market gains from resources. ( not a broad based rally)
Our Index needs to close over todays high to give a signal of strength.

Expect the Medibank IPO to open strong, weakness would show if the issue traded below the opening price on Tuesday.
Below $2 would see many retail investors tempted to take a small loss.
The health sector is very strong and a strong open for this issue is expected.

XJO Daily

 

Monday 17th November 2014.
Today the Australian market opened down on News that Japan has slipped into technical recession.
The Daily Chart of the XJO shows todays price action is trading below the 5434 support / resistance level.

Further weakness in this market could see the 5335 ( down 100 ) tested in the coming 2 weeks.
The EWS and Chandelier Stop have given a sell signal in the past 3 trading periods.
Further weakness has come from the banks now Ex Dividend.

Index Daily

Gold has made an important rally from its recent lows for make a higher low in the daily chart.
Trading periods marked 1 & 2 have been very strong trading periods suggesting a short cover taking place.
Daily trend is changing to UP. Weekly trend remains down.

Gold Daily