dgr on the day

Good morning DGR fans

Will not be able to do intraday posts today as I have meetings to attend (damn!) :(

DGR SP looking extremely (underline this time) healthy. Price action towards the close y/day very positive, with good intraday consolidation in the higher price range. Offers met the market y/day and the topside appears to have thinned. Good at-market buying also visable.

Technically, still looking very strong. Initial objective of 47.0 looks set to be met today, with my "bull-trigger" (sell the house and double up point!) with a close of 50.5 or higher. Not sure we'll get there today, but all chart signals still pointing North. RSIs are overbought though, so this may signal that we need some further consolidation at these higher levels before making a rush upwards (these tend to neutralise in one to two days, so its not of great concern at this point - and I have seen many cases in the past where an RSI can run above 80 for quite an extended period of time).

Support appears to be building in the low 40's, so think the downside is rather limited (ceteris paribas, of course). Wall Street strong last night, particularly in the last 1/2 hour of play. UST bond yields also lower (10's down by around 8bps) so should inspire a rally in bonds and equities locally today. Expect broader market up by around 0.95%, with focus on miners on the back of a softer AUD and strong CRB index (which seems to be powering ahead).

Enjoy your day.

Regards
Kit