The ASX-200 remains in an uptrend and so I’m keen to trade stocks following any bullish breakout from consolidation-style technical patterns. Here are a few stocks that fit my criteria and a couple I am stalking. Plus, there is a bit of a warning signal on one of the bigger ASX-200 stocks.
ASX-200 monthly: I’m expecting this index gto keep marching on to test the GFC High circa 6,800. Note how bullish momentum is on the rise:
Stocks I am keen to trade:
TLS weekly: I posted an article on Telstra here yesterday.
QBE weekly: QBE Insurance has made a bullish triangle breakout on the weekly chart and my target here is up near $25:
SUN weekly: Suncorp group is another finance / insurance stock on the move. I’m not taking this trade but the confluence with QBE is encouraging:
SMN weekly: Some good news is helping this recovery and the target here is up near the 61.8% fib, circa $2.25:
DMP weekly: Dominos Pizza also seems to have received a boost from some upbeat news. My target here is the previous High, near $80:
Stocks I’m keeping a close eye on:
ANZ weekly: watching for any new breakout:
TWE weekly: ditto here for Treasury Wine Estate:
Warning bell?
COH monthly: Cochlear is a stock that has been very strong over recent years but I’m noting a bullish-reversal ‘Hanging Man’ candle forming up here. The month is yet to close so this could change but, given trends do not head in straight lines forever, I’m wondering if we might see a pause, or even pullback, here?
A ‘Hanging Man’ candlestick: is often a sign that warns of a pause or even reversal:
