ASX Weekly Chart Analysis .. .. The majority of the local market...

ASX Weekly Chart Analysis
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The majority of the local market has spent many weeks in absorption (and potentially re-accumulation) mode recently.
Many charts are showing a lack of downside follow through after a threatening down bar.
Not much supply is being drawn out now, which leaves most sectors well placed to push higher when trading conditions are favourable.
I will likely drop the recently added ASX 300 chart after this week, and replace it with the small ordinaries.
The Mining and Gold sectors are looking strong and their markets remain positive.
Keep an eye on the ASX Energy sector (and its constituents), any sign of a price breakout could provide decent gains, especially in the near term. I am anticipating something like what can be seen on the XXJ chart in the last week of May (check it out below).
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cheers



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