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Incidental Charting #1

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The ability to find stocks that are rising is one of the key features of ProTrader Web – our share market charting software and in order to help you to utilise the software to its full potential, we are introducing a blog series called “Incidental Charting”. In these posts, we will utilise various scans over a period of time and discuss/post some of the results.

The XAO has been range bound for the last 3-4 months between 5850 and 5700. This is the longest period of consistent consolidation for the last 50 years.

In this post, we will be scanning the ASX market for weekly 21 period highs using the scan parameters shown below. This bring up 46 stocks, and we will discuss some of these in this post:

AWC has recently broken above long term resistance at $2. The 21 period weekly high scan brings up the start of a new trend. If you’d missed the initial break, this scan would have brought this to your attention for the last 3-4 weeks. Very good looking chart with medium term targets at $2.70.

BRG has broken out from a trading range between $10-$11, it has observed this range for the last 6 months. A break out of a tight trading range is usually followed up range expansion and as this is on the up side, we can expect this to continue onwards.

MND has been hovering around the $15 level for 3 months; this has also been a long term resistance level. The 21 period breakout scan brought this to our attention and we can conclude that the most recent weekly close indicates that the overhang of supply above $15 may be drying up with moves up to $20.

EHE has been in a consolidation period for the last 12 months with the range tightening over the last 6 months. Range contractions are usually followed by range expansions and so this stock will make it into our watch list for a break above $3.30.

This concludes our first Incidental charting post. If you need help scanning for these stocks, please call us on (08) 9202 3900 or email support@protrader.com.au.

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Sam ProTrader

Sam ProTrader

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