South32: Heading North

Technicals | Mar 07 2023

By Michael Gable 

Markets bounced at the end of last week and for the first time since January, we may be set for a positive week on the Australian market.

Much of that, of course, depends on the commentary by the RBA today because last month's talk of multiple rate rises took traders by surprise. It does seem as though the overwhelming consensus is now for many rises and an inevitable recession.

This means that we have to be open to the consensus getting it wrong. We may know more in the next few days whether markets have become too negative on the outlook.

Despite a soft day yesterday for resource stocks, they still appear to be the sector with the best opportunities. The chart this week is on South32 ((S32)).

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