RIO - RIO Tinto
Recently broken trend-line dating back to September 2008.
Broken through 50-day moving average
Volume increasing past couple of weeks
Short term support around $36.30
What for RIO to close above $46.93. A close above this could indicate a move up towards resistance of around $60.00
BRM - Brockman Resources
A recent trade, which I am still holding, is Brockman Resources. Explaining my reasons
1. Mid term the stock as come of a strong base, between October and start of January
2. A strong short term break out occurred on strong volume to a high of $1.17 (16th Jan)
3. Close on 15th and 16th both closed below 50MA
4. Stock pulled back on low volume back to the 38.2% Fib, and into the TAZ
5. GMMA show a the short term averages breaking above the long term.
I bought on the high of the 29th Jan, @ $0.90 with a stop at $0.84.
My target is the 50MA, and I have moved my stop to above break event at $0.95, below the low of the 3rd of February.
Not sure how I'll play this Monday. A lot of volume yesterday all at $1.00. If signs of this stronger buyer/seller at this level leaving I may decide to exit, to try and lock in a good profit. I'll will be watching this one intrad day early next week for an exit sign. I may end up missing an up-trend that is starting, but a profit is a profit in a any, especially a bear, market.
After a fall from 6000 down to 1800, the Shanghai Composite Index has fallen a long was since August 2008.
Colin Twiggs has chart showing the downward channel on the weekly chart has been broken, and the down-trend is weakening.
XAO Index
Our index as demonstrated below, is yet to break out this downtrend.
$42 Billion Stimulus Announced
Most Australians will be focused on the following
"
About 8.7 million workers will get a lump sum tax-free bonus, depending on their annual income.
Those earning up to $80,000 a year will receive $950, those earning between $80,000 and $90,000 will get $650 and those earning between $90,000 and $100,000 get a $300 bonus.
Single-income families who receive the Family Tax Benefit Part B - about 1.5 million families - will get $950 on March 11. It will only be paid to those who were eligible for Family Tax Benefit Part B on February 3.
Those receiving Family Tax Benefit Part A with a child aged between 4 and 18 years will get a $950 back to school bonus.
"
Looking forward to the rate cut later this today . Tips have ranged from 1% up to a high of 1.5%. Michael Pasco discussed the possibility of 1.5% today with Mel and Koshie on Sunrise.
Trading has been slow of late with my work, website freelancing and family commitments ramping up. BRM and TAP are to recent pullbacks that I'm on and both have been a little slow. BRM had a good day yesterday so hoping it will follow through.
Enjoy the rest of the week and lets hope for a substantial rate cut today.
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