Technicals – next upward phase in ASX200 index

Angela Mangan

QMG Pty Ltd

The ASX200 index generated a secondary technical buy signal yesterday. This signals the next upward move in the Australian market. The financials remains the stand out sector from a technical perspective, and is seen as the main potential driver for this further expected market rally. Significantly, in the financials sector, all four major banks are rated as technical buys (a positive momentum indicator), plus a number of asset management stocks and a large number of A-REITS. The earlier cluster of buy signals flagged this sector as having the potential to stage a rally (as highlighted in recent Wires). Despite the rebound off the recent lows, the resources sector is not (yet) showing any sign of a turnaround from a technical viewpoint.


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.

Expertise

I would like to

Only to be used for sending genuine email enquiries to the Contributor. Livewire Markets Pty Ltd reserves its right to take any legal or other appropriate action in relation to misuse of this service.

Personal Information Collection Statement
Your personal information will be passed to the Contributor and/or its authorised service provider to assist the Contributor to contact you about your investment enquiry. They are required not to use your information for any other purpose. Our privacy policy explains how we store personal information and how you may access, correct or complain about the handling of personal information.