The following stocks have shown some extreme movements which make them of interest. (Sounds a bit like that police term, persons of interest.)
Stocks from the 50-Leaders with an RSI below 30:
- ANZ
- Coca Cola Amatil
- NAB
Stocks from the 50-Leaders with an RSI above 70 (not including takeover targets):
- Sonic Health
These can be interpreted two ways - in the case of the top group - avoid at all costs - or maybe, they're due for a sizeable bounce (reversion to the mean).
For the one stock in the lower group - this stock is in a strong up trend - look to buy the dips. Or, maybe, it's gone far enough and is due for a retracement.
(Choose your poison.)
From the Hot Copper forum, one poster noted that ANZ has had 14 red candles in a row, i.e., the stock had closed below its opening price 14 days in a row. That poster had looked back over 30 Years of data and hadn't seen anything quite like it for ANZ. A goodly bounce must be in the offing?
Maybe. I'm reminded of a night at the casino when I saw 19 reds come up in a row at the roulette table. People went broke betting on black after seven reds in a row.
Telstra finally looks like its built a base and is now moving up. It's been a gay deceiver for so long - just be careful. But - if you're wanting dividends for income - there doesn't seem to be much downside for a while.
The IShares Japan Trust (IJP) is also showing signs of life. Be careful as its liquidity is low.
In the interests of disclosure, the only stock I hold in the above lists is Sonic Health Care.
Cheers
Red
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