Technicals | Oct 20 2020
By Michael Gable
Our optimism during these last few weeks appears to be paying dividends with the share market breaking above the June peak and, for now, holding in there. This naturally brings into play some higher levels on the Australian market. The sideways nature of the market these last few months has caused frustration in many people, but those who have stuck with it and maintained the course without throwing one's toys out of the pram are now being rewarded.
The US market, which is factoring in a Biden victory, has already made up its mind and is ready to head higher again. It shows that waiting for the US election to be over would just mean missing out on opportunities (imagine the extra rally if Trump gets in again). Locally, we have seen further improvements regarding re-openings, and that is lifting share market sentiment. We have been bullish for many months now on the reopen trade, and our recent pick of Ardent Leisure Group (ALG) two weeks is already up nearly 32% and doing well for all the clients who have taken up the trade.
In today's charting section, we take a look at Kogan.com ((KGN)).