Ocean Asset Management

Consumer Discretionary showing leadership potential

April 8, 2019April 8, 2019 by Danny Sandler

The All Ordinaries index was up 0.14% for the week ending 5 April 2019. The index ended the week 2.6% above its 200 DMA, after a roller coaster of a week that saw it close above the critical 6,350 level before backing away sharply over the next two days to finish the week mostly flat.

For the last six weeks, the index has tracked sideways in a narrow range. Our expectation is for more of the same until there is a clear break in one direction or the other. While that might sound tautological, it is not. A clear break will signal an end to the current trading range and indicate the likely direction of the next move.

Materials breaking out, IT pulling back, energy weak

April 2, 2019April 1, 2019 by Danny Sandler

The All Ordinaries index was down 0.31% for the week ending 29 March 2019. The index ended the week 2.4% above its 200 DMA, finishing the week strongly, near the top of the weekly bar, but still tracking sideways and making no new progress.

We expect that the index will spend some time in a trading range around this level before it will be ready to show its hand as to the direction of the next move.

Daily notes – Premier

March 30, 2019March 30, 2019 by Danny Sandler

On the lookout for a new uptrend

Premier’s stock price has been in a broad trading range for three years, having spent most of this time oscillating between $14 and $17 per share. It had been in a strong uptrend for the prior three years, during which time the stock price more than doubled.

Market averages pausing

April 1, 2019March 25, 2019 by Danny Sandler

The All Ordinaries index was up 0.25% for the week ending 22 March 2019. The index ended the week 2.6% above its 200 DMA, having tracked sideways for most of the week and finishing near mid-bar, but below the short term high of two weeks ago. 6,325 remains the point of resistance, and we still … Read more

Information Technology at highs

March 18, 2019March 18, 2019 by Danny Sandler

The All Ordinaries index was down 0.35% for the week, ending 15 March 2019. The index ended the week 2.6% above its 200 DMA, pulling back from the level of the highs of October 2018. As we said last week, 6,325 is likely to be a point of considerable resistance, and it would not be unexpected to see the index spend some time moving sideways around this level. Any signs of strength above this level would be a positive indication as to the direction of the trend of the overall market.