Technical Buy Signals Emerge in Resources Sector

Angela Mangan

QMG Pty Ltd

Over the last month out of the top 20 ASX stocks - 12 stocks have generated technical buy signals, and overall a total of 39 stock technical buy signals have been generated. This is a positive technical market momentum indicator. The sectors that experienced an upward shift in technical ratings during July included financials (including the A-REITS), health, and consumer staples due to key stocks within these sectors generating technical buy signals. It was highlighted a week ago that there were early, tentative signs emerging that the resource sector of market may have the potential to form a base. Technical buy signals have since been generated in the resources sector/stocks over recent days. Until this week the stock buy signals recently generated had been confined to the industrial segment of the market. There are now indications from a technical analysis perspective that a turnaround is starting in the resources sector.


Angela Mangan
Angela Mangan
Technical Analyst
QMG Pty Ltd

Angela has over 30 years experience in the technical analysis field. She provides technical analysis coverage of major Australian and global stocks / key markets, including provision of a bespoke technical service to wholesale clients.

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