The Return: Charts, Choppy Times and Inflection Points
I'm back after disappearing last week. Markets remain choppy and next week could be a key inflection point.
Nothing much to see here. The last four sessions have been rather awkward for the ASX 200 — Unwilling to fall any lower but struggling for upside. After recovering some of the losses it suffered on 2-3 May, we’re setting up for an inflection week.
Week in Review
Sectors in Review
Weekly Watchlists
My charting process involves manually going through 200-500 charts a few times a week. My filter is quiet simple: The stock must trade above its 200-day moving average and trade above 1 cent.
The charts are then categorised into three categories (we’ll call them 1, 2 and 3).
1: Top tier set ups trying to break out, high-profile stuff to watch over the next few days (sometimes 1s that break out will stay here for a week or two)
2: Set ups that need a little bit more time or not quiet there yet
3: Stuff that’s already broken out (e.g. might’ve been 1/2 in previous weeks) or interesting charts that aren’t my style
The charts below typically come from (1).
Here’s the link to all of this weeks charts (txt format for TradingView)
Stocks of Interest
There’s not a whole lot going on at the moment.
Audinate (AD8): Very interesting daily price action. Always seems to have these sharp selloffs back to $8.50 but bounces back up to $8.90 rather quickly. Still in a base.
Aristocrat (ALL): Moving out on the weekly chart
AUB Group (AUB): Base. Big vol on Thurs.
Corporate Travel (CTD): Bit of a power base. Can be a bit tricky trading this kind of set up. Ideally, the stock does not undercut the gap up low. Needs more RHS.
Develop Global (DVP): Not the cleanest set up. A little trendless given the flat 200-day. Lets see if it can move out.