IRE hits our radar

IRE has hit our radar alongside several other stocks. We will explain this chart to our subscribers who are investors, traders and who take an active interest in their SMSF. Sounds like you? Give us a try.

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Two Patterns of interest in the Australian market

Text books on technical analysis give us wonderful descriptions and examples of traditional chart patterns. When I first starting trading I found it hard to find these types of pattern set ups in real time market situations. They only ever seemed to belong in books. If you are new to trading and feel the same way, then take a look at two real time chart patterns occuring in the Australian market right now. One is a pennant and the other is a double bottom. You can watch these stocks develop over time and compare their progress to what you have read in your trading books. Best of luck.

The Technical Report holds a position in SXY. We have been there since it was 73 cents. We are looking for a blow off top of this current pennant pattern to give us the last leg of the current up move and allow us to exit with a strong profit. The second chart shown is Flight Centre (FLT).

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A tough market

This is an extremely tough market. Traditional technical signals are generating many buy signals across the board, but in many cases, there is no traction and no follow through after the signal has been generated.

A recent case in point is the bearish upside flag in the gold price. It showed an exit signal and suggested gold might retrace to $1450, but then suddenly there was a reversal signal of the reversal signal.

What is causing this disruption of technical signals? To sum it up in one word, I'd use 'nexus'. The nexus, the tie, the link between buy signals and the follow up strength in the market required to confirm the buy signals is weak. There is a case to be made for strong-nexus and weak-nexus markets. For example, we typically find bullish charts working better in bull markets and in this environment you get a strong nexus between the technical buy signal and your ultimate profit. But at the moment we have a weak nexus between the buy signal and the profit on offer after the signal triggers our entry into a stock.

There are various reasons for the current weak-nexus bewteen buy signals and profits and this will be a focul point of discussion in this weeks upcoming Technical Report.

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Beware a fall in Gold

We've said it before and we meant it. We repeat the same message. Beware a dip in gold. In particular, Silverlake Resources (SLR) looks particularly vulnerable due to its double top.

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