Technicals | Apr 13 2021
By Michael Gable
As we suspected last week, our market has been ready to get moving again, and pushing beyond the February peak is a clear positive. Unfortunately, the US market looks set to cool off very slightly in the short-term from its all-time highs, so this might just leave our market a bit subdued for a few days. Having said that, we can be more positive on the prospects for the S&P/ASX 200 Index (XJO) and in today's report, we have a chart to show you where we think it can head to.
After being range bound for about four months, the XJO has finally broken free. In the short term, we could see some softness back towards 6,800 but generally we should see a move higher from here. The 2020 high near 7,200 may offer some resistance, but given that we have been range bound for so long, we suspect that resistance will be light and our market will be surpassing that level fairly soon.
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Michael is RG146 Accredited and holds the following formal qualifications:
• Bachelor of Engineering, Hons. (University of Sydney)
• Bachelor of Commerce (University of Sydney)
• Diploma of Mortgage Lending (Finsia)
• Diploma of Financial Services [Financial Planning] (Finsia)
• Completion of ASX Accredited Derivatives Adviser Levels 1 & 2
Fairmont Equities Australia (ACN 615 592 802) is a holder of an Australian Financial Services License (No. 494022). The information contained in this report is general information only and is copy write to Fairmont Equities. Fairmont Equities reserves all intellectual property rights. This report should not be interpreted as one that provides personal financial or investment advice. Any examples presented are for illustration purposes only. Past performance is not a reliable indicator of future performance. No person, persons or organisation should invest monies or take action on the reliance of the material contained in this report, but instead should satisfy themselves independently (whether by expert advice or others) of the appropriateness of any such action. Fairmont Equities, it directors and/or officers accept no responsibility for the accuracy, completeness or timeliness of the information contained in the report.
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