Still not a weekly pivot point

ALTHOUGH last week our market moved up for the week, it still did not close high enough to form the crucial weekly pivot point to indicate the uptrend has resumed.

For the weekly pivot point to form we need to see a weekly close above 6230 on the All Ords. Maybe we will see that at today’s close .

The March futures contract which trades against the ASX/ S&P 200 expired yesterday so today the futures will be trading the June contract so we will know if the futures are trading at a premium to the index.

If they are it would be a positive indication the market should move higher.

My scan of all stocks last weekend came up with more likely prospects across all stocks and particularly midpriced and lower priced stocks.

This week we saw several of the stocks in the portfolio finally begin to move up with increases in volume from their lacklustre performance over the past month.

The week ending on Wednesday was the first week in a while the portfolio value actually moved up for a change.

If some of the other stocks held follow through after the positive moves on Wednesday we may see further gains this week.

I was hoping I would not have to sell any further stocks, but Queensland Bauxite (QBL) closed below its revised trailing stop of 4.7c, which was the spike low formed on February 9. It was sold on Thursday and the details will be in next week’s column.

Australian Vanadium (AVL) has been trading below 4c since the beginning of 2010 on very low volume. Volume began to increase in 2014 and fell off again in 2015 before increasing again in mid-2016.

The beginning of this year saw it break above 4c on increased volume, pull back and consolidate around 4c and this week decisively again break above 4c on a big increase in volume.

If this break out follows through the next support/resistance level is around 8c which is a projection above the recent three-month pattern and is also the two spike highs formed in 2009.

Time will tell as the price now consolidates above 5c before the next expected move.

Australian Tin Mining (ANW) is another stock which has traded in the wilderness since 2012 and then began to stir when volume came into it in 2016 when it traded up to 2c and went to sleep again until late last year.

When volume again came in January this year it broke above 2c to trade up to 3.6c before pulling back to test the 2c level twice this year.

I am looking to it to now move to a likely target of 6c.

Australian Mines (AUZ) broke to new highs late last year after also trading along the bottom for many years.

After trading up to 15c, it has been consolidating between 8c and 14c since then, so now it is wait and see.

Past columns, information and DVDs on my methods are available at: www.theday trader.com.au