Perfect Blue Stock Market Guide

There has been suggestion that GBG (Gindalbie Metals) will be a company worth $3 to $4 a share, in the future. The stock has not traded at that price previously so Technical Analysis cannot support that. In saying that there is a high probability the stock will reach previous highs.

Looking at the weekly chart for a medium term view, the first thing to note is GBG is now making Higher Peaks and Higher Troughs. This indicates the buyers are in control and pushing the price action to new highs. However at $0.95 there is weekly resistance that is yet to have a closing above it in 12 months and also a 12 month down trend line forming a Symmetrical Triangle. This area of congestion suggests some confusion to the market at the moment.

Should $0.95 be clearly breached the next major resistance level is $1.87 and GBG will likely reach this. And this is the higher probability scenario at the moment. However should support at $0.70 be broken the sellers have gained control once more.

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The XAO end the week on a high. But can the run that started in mid July keep going?

On the daily chart, the XAO has clearly broken out of the channel. But with lower volume on this Buliish Up Day, it may be short lived. Especially as only 50 points away is a strong intersection of resistance. The down trend line started from the highest peak in November ( this is the overall down trend), and has now crossed with a weekly resistance line. The higher probability move from here would be up to the 4300 resistance and then a pull back for a rest after a long run up.

The pull back could even be as far back as the 4000 mark which would be at a Fibonacci retracement. Over all,  the chart still indicates over all bullish

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BXB (Brambles Limited) formed a bullish flag starting in March. The projection for the flag is around $8.00. For the short term, $6.50 is likely to be the next target before finding any resistance.

If the exact same trend lines are transferred to a daily chart a double bottom on support can be noted as well has Higher Peaks, which tells us the bulls have control right now

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JML (Jabiru Metals Limited)broke away from the long term down trend in April and has been consolidating sideways since. Is there anymore movement up in the near future?

The last 3 months has seen JML bouncing between $.025 and $0.35. This could be seen as a bullish flag off the end of the long term down trend. Should $0.35 be breached it is like to reach the next major resistance level of $0.55. This is the higher probability scenario.

However if the lower level of consolidation is broken through the previous low of $0.10 is a likely target.

I have had a request to see what Qantas is upto….so here you go Brenda!

After close to 2 years of a strong down trend, QAN (QANTAS) has shown signs of strengthening since  May.

In May QAN managed to break out of a strong down channel, making higher peaks and higher troughs indicating the bulls are taking control. There is a consolidation area at the moment, should QAN break above the $2.20 resistance, $3.00 is the next major area of resistance. However if the less likely scenario of a breach of $1.80 support should happen, QAN is likely to head to $1.40.

As discussed in last week’s post, the XAO had a bounce off of support and the Moving Averages. Where is this week most likely to take us?

After last week’s bounce a valid up trend channel can now be seen. There is a small amount of resistance at 4100 which is the last higher trough. Should this be enough to hold down the XAO there would likely be a retracement to the bottom of the channel. If XAO has enough power to continue straight through the 4100 level, it is likely the top of the channel will be reached.

With Higher Peaks and troughs now in play and a defined up trend channel, the XAO is bullish until the charts state other wise.

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NWS has been in a steep down trend for the past 18 months with the sellers in control. This month has given us a confirmation that the buyers have taken over control.

On the weekly chart, it can clearly be seen the down trend has been broken and a Higher Trough and Higher peak have formed above it. The trough that was confirmed with the close of today’s bar is being supported by the 50% Fibonacci Retracement and a past support line. This stock now has a high probability chance of reaching at least $15.00.

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FMG has this week produced a bullish signal off of a strong support. The stock is likely to see the recent highs again.

$3.25 has been a significant support and resistance line in the past, and this week gave support to FMG once more. FMG has been producing Higher Peaks (HP) and Higher troughs (HT) since December 2008 and now has a HP off the $3.25 support line. This support is also the intersection of a key Moving Average (MAV) that is noted but institutional traders. The next line of resistance sits at $4.50 and is likely where FMG will go to next.

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The XAO rejected the Head and shoulder neckline we spotted last week and used past resistance and Moving Averages (MAV) as support for the bounce.

This is currently a strong bullish signal. The next resistance level is 4050. However  if support at the Mav’s and weekly support line fail, the next area of support is 3500.

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MAP has been channelling down since October 2007. May 2009 saw the stock break up and out of the channel which was the first sign that a change of trend could be happening.

The second indication of a possible trend change was the Higher Major Peak. A higher major trough would confirm the bulls have taken control.

The third indication that the trend could be changing has happened in the last two week with the two well respected Moving Averages (MAV”s) crossing over to a bullish move.

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