TECHNICALS – CLUSTER OF STOCK SELL SIGNALS GENERATED IN RESOURCES SECTOR
Last week’s Wire highlighted that select key oil stocks had generated technical sell signals in a cluster which flagged the energy sector as having reached a (negative) turning point and indicated a trend change was underway. (VIEW LINK) A “cluster of stock sell signals” has also been generated by the key resource / mining stocks which provides additional weight to the view that the resources / energy sectors of the Australian market have turned negative (from a technical perspective). Since mid-March, 11 stock sell signals have been generated. The heavy concentration of key stock technical signals in a sector has been effective previously in identifying sector trend changes.
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.