Morning Report Thursday 29 May 2014
Oz Minerals (OZL) breaking out... Chart Patterns represent market sentiment and they repeat.
Over the last year, some of the best returns in the Australian market has come from stocks that have been “totally beaten up / thrown out with the dishwater”. This has also been the case with the Spanish Index which collapsed 63% from 2007 during the GFC, in line with the European economy, this index has since rallied 82% since mid-2012. The below 4 charts have an incredible uncanny resemblance, you could basically remove the labelling on the axis and it would be very hard to distinguish between them. Any traders / investors that rely on just fundamentals, I strongly believe are doing themselves a disservice; why not use all the tools at your disposal!
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