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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!


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