The Brains Trust - 2023, page-12

Haven't quite given up....

The next chart is one of my very favourite indices – XSR.  We only get a closing figure for this index each day.  But look where it has finished the first week of the new year – right up in the overhead band of resistance.  If it can break through the top of this band and then consolidate, we could be looking at some fun here.

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To show another side of our market, the next chart is the monthly of Westpac.  Rather a scruffy chart but all the same absolute perfection. Just look where it has spent the last few months.  And yes I acknowledge that even if it can break this long term downtrend, it will have a lot of overhead resistance to overcome. But I think this might be a good one to keep our eye on as we try to pick our way through this year.



And before we leave the local scene, just a couple of little side notes.  Woolworths are trading around the same level as the top in late 2007 – fifteen years.  BHP is where it was in 2008 and then Santos … it has been going sideways for the past six years but is still a third of its value in 2008!!  Anyone for the long term?

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