Tag: ASX 300 Metals & Mining

The ASX 300 Banks Index respected primary support at 7000 but only recovery above 7450 would indicate another bear rally. Declining peaks on the Trend Index continue to warn of selling pressure. Breach of 7000 would signal a primary decline with a long-term target of 5000.

ASX 300 Metals & Mining Index is again testing support at 3500. Breach would be a bearish sign for the broad ASX 200 index. Primary down-trends on the two biggest sectors would be likely to drag the overall index into a similar down-trend.

On the ASX 200, a long tail and bullish divergence on Twiggs Money Flow indicate strong support. Recovery above 5950 would suggest another advance but that is unlikely in the current climate. Breach of primary support at 5650 would signal a primary down-trend with a target of 5000.

I have been cautious on Australian stocks, especially banks, for a while, and hold 40% cash in the Australian Growth portfolio.

The ASX 300 Banks Index is testing primary support at 7000. Declining peaks on the Trend Index warn of selling pressure.

Breach of 7000 would signal another primary decline with a long-term target of 5000.

ASX 300 Metals & Mining Index continues to consolidate between 3500 and 4000. Breach of 3500 would be a bearish sign for the broad market ASX 200 index. Primary down-trends on its two biggest sectors would be likely to drag the overall index down.

On the ASX 200, Twiggs Money Flow is holding above zero, suggesting light volume on the declines. Breach of primary support at 5650, however, would confirm a primary down-trend.

Offering a target of 5000.

I have been cautious on Australian stocks, especially banks, for a while, and hold over 30% cash in the Australian Growth portfolio.

The ASX 300 Banks index continues to test support at 7700. Declining Trend Index warns of medium-term selling pressure. Breach of support is likely and would signal a test of primary support at 7300.

The ASX 300 Metals & Mining index is also headed for a test of primary support, at 3400. A Trend Index peak at/below zero would warn of rising selling pressure and a primary down-trend.

Commodities are already in a primary down-trend but Australian stocks are partially cushioned by a weakening Aussie Dollar.

The ASX 200 found medium-term support at 6150 but this unlikely to hold. Bearish Divergence on the Trend Index warns of medium-term selling pressure. Expect a correction to test the rising long-term trendline at 6000.

I remain cautious on Australian stocks, holding over 30% cash in the Australian Growth portfolio.

The two largest sectors in the ASX 200 are both retreating from recent highs.

The ASX 300 Metals & Mining index is testing support at 3750. Breach of support and the rising trendline would warn of a test of primary support at 3400.

The ASX 300 Banks index reversed below its short-term support level at 8000, warning of a test of primary support at 7300.

The banking sector faces the prospect of higher funding costs, falling credit growth and rising default risk and I remain cautious despite penetration of the descending trendline which suggests that a bottom is forming.

The ASX 200 retreated from resistance at 6300. Breach of short-term support at 6200 would warn of a correction.

The primary trend is upward but economic indicators warn of rising headwinds and a potential bear market. I remain cautious, with more than 30% cash in the Australian Growth portfolio.