The Australian stock market is in an uptrend and it is following the trend from the last week. On Friday, the markets rose 1 percent to close at the day’s high and the market did close at the month’s high on that day in spite of some economic bad news coming through. But, the markets didn’t see any negative reaction for these news and the markets are making new highs every day. The Australian stock market was up 0.3 percent at 4562.

The market is near to its yearly highs and will break it and move up once it breaks 4600. If the market will be able to break this mark we will see a strong momentum on the up side to levels of 4700. The global markets are in an uptrend and that will help the Australian markets to go higher.

Last week, the markets have outperformed all the other markets and were trading up by nearly 1.5 percent for the week. That is a good sign coming through and is a clear sign that these Australian markets will outperform the global indices in the nearby future. In the last week, we saw the GDP figures coming out and that was a major disappointment, but that was expected by most of the investors and that is the reason, the markets didn’t fall as much as expected.

The rate cut by the Reserve Bank of Australia was also a weak sign for the economy as the economy has seen this rate as the lowest in 3-4 years. Even then, the markets made weekly highs. Steven Daghlian, CommSec market analyst, said \”Both of those aspects are keeping our market a little bit positive. The big guns are mostly stronger and that is keeping the market strong.\”

Technical Analysis:

The markets are at the highs and that is a clear indication of an up trend in the near term. If the United States Federal Reserve cheers the investors in the report tomorrow, then the markets will see newer highs with all the other global markets. The markets will try to move on as they digested all the bad news and will try to clear some important resistance points.

4600 will also be an important resistance level to watch out for and the ASX is just about a percent lower than that level. So, a Fed will make the ASX break that mark and we will be able to see 4700 and 4750 on the up side.

Stocks to watch out for:

Myer Holdings is in the news after the company said that it is confident that in the next year, the federal government will agree to demands put on by local retailers. The stock is trading flat, last time we checked.

Southern Cross Media is trading flat after the company’s chairman said that he has written to the British hospital citing prank calls from a broadcasting company. The stock was trading at $1.105 last time we checked.

Village Road show is trading down to marginally flat at $3.75 after the company said that it will sell its distribution unit, which is currently in Sydney.

Grab you free Interview with a trader who turned $5000 into 3 million in just 5 years – http://www.tradingandinvesting4u.com/ Watch in live as I show you a AWESOME tip on how to read the stock market – http://www.youtube.com/watch?v=_gSjHkxlhXQ

Grab you free Interview with a trader who turned $5000 into 3 million in just 5 years – http://www.tradingandinvesting4u.com/ Watch in live as I show you a AWESOME tip on how to read the stock market – http://www.youtube.com/watch?v=_gSjHkxlhXQ

Author Bio: Grab you free Interview with a trader who turned $5000 into 3 million in just 5 years – http://www.tradingandinvesting4u.com/ Watch in live as I show you a AWESOME tip on how to read the stock market – http://www.youtube.com/watch?v=_gSjHkxlhXQ

Category: Finances
Keywords: Dollar, Consolidating, Support