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Technicals – Resources sector – next downward move underway

Angela Mangan

QMG Pty Ltd

New technical sell signals have been activated in rapid succession this week by major resource stocks. This heavy concentration of sell signals is a negative momentum indicator for the resource sector outlook from a technical perspective, and indicates that the next downward move is underway. A month ago our Wire (VIEW LINK) initially flagged that the resource sector outlook had turned negative due to major resource stocks having generated technical sell signals in a cluster. The first indicator of a turnaround in the resource sector would be a notable increase in the number of resource stocks showing the potential to form a base, and this is notably absent at the moment.


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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