Sector Charts
Plenty of sectors running hot at the moment as the momentum stays in the market. Today we have a look at all of the sectors as usual, while also taking a deeper look at some of the more interesting stocks held within and identifying a few opportunities. This week we are looking at daily Heikin-Ashi candles once again. A reminder of what that means:
"Heikin-Ashi charts combine candles over a couple of periods (days or weeks for our purposes) to produce a “combo” candlestick. In so doing it essentially averages the price action over a couple of periods in one candlestick and in so doing manages to cut out a lot of the noise that you get using one candle a day. In so doing the turning signals, the buy and sell signals, become less frequent but more meaningful."
Podcast if you prefer to listen:
ASX 200 – Tracking sideways and once again threatening to "melt-up". Just seen a little MACD buy signal on the chart.
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S&P 500 Index – Continues to hit fresh all-time highs as the punters keep piling in. RSI still hovering around the overbought line.
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FINANCIAL SECTOR – Pushed well past its recent highs on the back of strength in the longer-dated treasuries. Now sitting in overbought territory.
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Westpac (WBC) – Solid upward trading channel. Overbought RSI.
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Magellan Financial (MFG) – Looking to bounce off that 4700c level. Bad taste in the mouth after the democratic sweep tech regulation fears but could turn things around quickly.
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RESOURCES SECTOR – Finding a little resistance after a stellar run. Recent Heikin-Ashi buy signal.
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South 32 (S32) – Just seen a nice little rally to keep the medium-term uptrend alive. Base metals rallying helps.
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ALL-TECH INDEX – Breaking fresh highs and lots of stocks running hot. MACD buy signal on the sector.
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Altium (ALU) – Oversold on RSI. Heikin-Ashi buy signal. Showing signs of bottoming and being held in the growth portfolio for the recovery.
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Afterpay (APT) – Seems to be hitting fresh all-time highs daily. Approaching $150 – far cry from the $9 it traded at when the market was "peak fear". Affirm IPO helped, displaying the addressable global market.
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EML Payments (EML) – Bouncing off uptrend support and triggering an RSI Buy signal in the process.
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Wisetech (WTC) – Remains in uptrend – RSI, MACD and Heikin-Ashi buy signals.
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Technology One (TNE) – Big RSI buy signal and a MACD buy signal to boot. Trying to turn around a nasty fall – can move quickly.
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Bravura (BVS) – Right on lows – RSI buy signal.
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ENERGY SECTOR – Overbought on the RSI and running out of steam just a little bit in the short term.
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Ampol (ALD) – Strong uptrend the last few months and looking to break the ceiling now and make a bullish move by pushing higher out of the ascending triangle.
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Woodside Petroleum (WPL) – Overbought on RSI.
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Santos (STO) – Overbought on RSI.
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HEALTHCARE SECTOR – RSI, MACD and Heikin-Ashi buy signals.
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Cochlear (COH) – Bottomed with a big bounce, triggering an RSI buy signal in the process.
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CSL (CSL) – Little bounce off the support line but a long way to fall if it breaks here – holding a market weight stake in the growth portfolio and watching closely.
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Avita Healthcare (AVH) – broken downtrend and on the move as hospital capacities start to come back online across the globe. Heavily overbought on the daily RSI.
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GOLD SECTOR – Struggling to reverse the trend and now stuck going sideways.
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Bellevue Gold (BGL) – Bouncing off the support line with an RSI buy signal.
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REIT SECTOR – Seeing a little bit of buying as it tries to contain the damage short-term. Oversold on the RSI.
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Abacus Property (ABP) – Broken a 10-month uptrend – Oversold on RSI.
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CONSUMER STAPLES SECTOR – Little tick higher with a Heikin-Ashi buy signal.
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Coles (COL) – Come off the boil and just clinging on to that uptrend.
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A2 Milk (A2M) – Sitting right back on covid lows but stuck in the downtrend – oversold RSI. Chart just isn't looking any better and we are selling our holding in the growth portfolio.
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CONSUMER DISCRETIONARY SECTOR – Holding on to that strong uptrend but hitting the buffers as it tries to break through the ceiling.
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Breville Group (BRG) – Pushing the post-covid highs. Watching for next move from here. A break higher through resistance would be very bullish.
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Reece (REH) – Forming an ascending triangle but the volume's not ticked up yet. Uptrend support running the whole way from 800c to now. If it can break through the neckline around 1670c there could be a nice pathway higher.
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UTILITIES SECTOR – Stuck in a nasty downtrend. Nothing to get excited about despite the little RSI buy signal.
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AGL Energy (AGL) – The strong downtrend prevailed as it turned lower again after the brief period of optimism after the RSI buy signal.
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INDUSTRIALS SECTOR – Bit of a bounce off a broad support trend line. RSI, MACD, and Heikin-Ashi buy signals triggered.
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Transurban (TCL) – Buy signals all over the place and looks like that just could be the bottom.
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Sydney Airport (SYD) – Little bounce off the support line. Oversold RSI.
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TELECOM SECTOR – Sitting right on its post-covid highs and approaching overbought levels on the RSI.
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Telstra (TLS) – Approaching recent highs with a well and truly overbought RSI.
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Service Stream (SSM) – Moving off lows after a soli sell-off. Heikin Ashi buy signal. Enough there to suggest a recovery for us to keep on holding.
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SMALL ORDINARIES – Challenging the highs once again. Henry's been on fire lately so make sure to check in on Henry's Take for your small-cap stock ideas.
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