In 2017, as Investment Research Group, Inc. d/b/a www.stockbarometer.com expands its borders, we will be launching a new service called Stock Barometer Australia. Visit our site to start up. Below is their weekly commentary:
Stock Barometer Australia Commentary week ending 12/23/16
We are seeing signs which warn of a potential down move. We are still in BUY mode, but if we close below 5510 then go to cash.
We are in cash here. This one is a little tricky as we had the dividend this week, but we exited immediately after this and remain in cash. With the dividend this trade was either a very small loss or gain depending on when one entered.
We remain on a SELL signal, and this past week saw the predicted retest of highs – and this appears to be setting up bearishly. We need a break below the 12/14 lows to confirm this.
This past week we had a buy signal then due to a lack of follow through we immediately sold (to cash in our case).
In this case it always seems hard to exit, after all, why not hold on and see what happens – bad idea. The close below the Monday lows on Friday is showing we did the right thing here.
We are now on a BUY signal on the daily system having reached this on Thursday. The weekly system is a way off triggering, but we would advise taking profits on a short position if you are still in one. This represents a 13% gain.
We are still on a SELL signal here.
Further downside this past week as we are still not yet at a buy point. As we see in the chart below however we are sitting at the 38.2% Fibonacci retracement. It is no surprise to see a halt to the slide here. We could yet make a higher low and move higher, so stay tuned…
CBA has moved up this past week, and our stop has followed. We are still on a BUY here but will move to a sell with a close below 82 (marked in purple). This one has been frustrating but this trade will almost certainly result in a gain (barring a black swan event…)
We are still on a SELL signal and are now at potential support, see white line after more falls this week. However, we could still see a move further to the yellow support line.
We did not see the breakout this week and went to a SELL position during the week, for minimal loss or gain. On Friday we saw further downside.
USO (or OIL)
We are still on a SELL signal and ended the week as we started pretty much.
We went to cash this week for a small loss. Stay that way as we see which way this one will move. We believe there is a downside bias but lets wait for the stock to indicate the direction.
We remain on a SELL with gold. The same arguments as last week prevail.
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