- Jay
Charts Interpretation - Australia
We'll start off with the overall weekly ranking:
Now let's dive into some sectors of interest:
The Consumer Discretionary sector continues its uptrend in both absolute & relative terms, with strong momentum.
The Energy sector is currently stalling at the 50% Fibonacci level of the 2003-2008 advance, with momentum making lower highs, known as a bearish divergence.
The Industrials have been upgraded to "strong" after new highs in absolute and especially a breakout in relative terms and momentum in a bullish range.
As highlighted last week, the Telecom sector broke out of a 2 year downtrend, on both relative and absolute prices. It continued its uptrend this week with strong momentum and has now been upgraded to "Average" from "Weak".
Interesting week ahead!
Jay