I wrote an article a couple of weeks ago about Aussie stocks that looked to be on the move. Here are a few more.
ASX-200 / XJO: I posted a chart last week noting that there was the look of a Bullish-reversal Morning Star pattern on the monthly chart. February is still young but the index has already added over 206 points since my post!
ASX-200 monthly: from last week’s post:
XJO monthly: the current chart showing a bullish start for February and a move back above 6,000:
ASX Stocks:
AJX weekly: watch for any bullish-reversal descending wedge breakout here. The target would be the 61.8% fib, up near $0.80:
AMP weekly: watch for any bullish-reversal wedge breakout here. The target would be $4.50, up near previous S/R and the 61.8% fib:
APT daily: Note the two charts below showing the new trend line breakout and current price action. Price has reached the target of the 61.8% fib so watch for any consolidation-style activity here:
BoQ weekly: watch for any bullish continuation after this very new trend line breakout. The target would be the upper bear trend line:
EAR weekly: watch for any bullish-reversal follow-through following this descending wedge breakout. The target would be $0.30, up near the 61.8% fib:
KDR weekly: watch for any bullish follow-through following this triangle breakout. The target would be $2.00, up near the 61.8% fib:
QBE weekly: watch for any follow-through after this very new bullish triangle breakout. The target would be $25, up near the 61.8% fib:
TLS: Telstra gave a falsie breakout earlier but is making another attempt. However, this time there is more obvious bullish momentum with the move.
TLS weekly: watch for any follow-through from this bullish channel breakout. The target would be $5.00, up near the 61.8% fib:
TLS weekly Cloud: watch for any new close back above the Cloud. Note the Volume spike already!
XRO weekly: this is a bit like a Cup pattern and so I’ve used the same logic for projecting the target as one would with a Cup pattern. That is, any bullish follow-through might be expected to proceed as far as the height of the initial Cup pattern. The Height here was $28 and so adding this value to the breakout level of $43 gives a target of $71.
