Short XTL.ASX
XTL.ASX
The ASX top 50 index is displaying short side momentum. Focus your efforts on the Investor Signals “BEAR Trend” within the ASX top 50 equities email service.
BEN.ASX
Short BEN.ASX
Stop Loss $10.35, otherwise hold the short until $9.10 profit range June/July exit.
AUD/USD
The down move in the AUD/USD, which started on April 21st, doesn’t look as though it has run its course. Tuesday’s Building Approvals and Current Account data will be closely watched for a turn in the recent string of weaker data. Both sets of data are forecasted lower and it’s likely that last week’s low of .7140 will be challenged on “as expected” readings.
Australian market finished the week…
The Australian market finished the week to Friday up 1.0% based on the S&P/ASX 200 Index. Small companies outperformed larger companies, with the Small Ordinaries Index finishing the period up 1.7%.
The best performer was the Information Technology sector, up 3.4%. Aconex Limited (ACX) led the performance rising by 14.1%.
The worst performer was the Consumer Staples sector, down 1.7% with Wesfarmers Limited (WES) and Woolworths Limited (WOW) down 3.9% and 0.8% respectively.
Computershare (CPU)
Short trade to keep on your watch list. $10.75 to $11.25 is the range to look for when shorting CPU. Target sell off range back to $9.75 to $10.25.
AUD/USD
The AUD/USD has fallen for five consecutive weeks and with Iron-ore and Copper prices probing 3-month lows, we don’t see any technical indicators pointing to a price reversal this week. The AUD/USD peaked at .7835 on April 21st and posted a low of .7175 early last week and even though short-term indicators are beginning to get stretched, there is little upside momentum.
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