Our trading mentorship has almost run a month now and we had an excellent bullish rally trade opportunity today from 26000 to 26350. A very nice way to end the month of September.
We have also been holding Mr Price, Foschini and Shoprite since the beginning of the month. We have moved out stop loss in to aggressive profit levels to secure profits as the stock markets look to be leading into a wave 4 cycle which is bearish.
We have also been holding gold since $1265 long and now look to ease out of the gold price long position in the short term as it looks top heavy as well. We look to take profits around the $1319 level but certainly if the chart breaks down through $1306 which is a Fibonacci level.
Our stock market outlook is that the market is overbought and top heavy. This week displays a final push to Fibonnacci extension targets as unit trust funds etc all trade higher in the market to increase their quarterly results before any sell off can be seriously considered in the short term.
We are firmly bullish in the long term. There is at least 5 years more of upward movement in the global markets but not all in a straight line. As long as the 89MA remains support the recession is over and a double dip is unlikely.
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Thursday, September 30, 2010
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