the market is not doing famously well, but at least ending ion positive territory, as it did today. lets hope this pattern continues for the rest of the year as we simply cannot expect any better thing for the time being.
housebuilders appear to be back in vogue again despite news of the housing market cooling down. it just seems that just when a report comes out to tell of a cooling down it is followed next day by others to say the opposit. now shropshire appears to have been the county that enjoyed/suffered the highest rises over the past 12 months, 30% no less!! interestingly central london managed a meagre rise of 5% only compared to 18% to north west london.
recently the stock price of many housebuilders had hit a bottom and the rises from there have been sudden. bkl rose 4.1%, wby up 5.1% while bvs managed rises of the same order of magnitude.
now for our star performers:
gmg, managed 3.7% rise today. this adds up to some 15% of rises since the big fall in this stock's price five trading days ago.
avm, retraced a few percentage points today to add to that of yesterday. total retracement over these two days has been near 10% sounds a lot but then the share has been rocketing sky high. gold prices have been on the rise for fear of war breakout. so the drop can be seen as a technical one. so lets do some fib calcs:
the recent rally saw the stock rise from a base of 16 to a summit of 28. support will now be available at 23.4, 22 or 20.6. the chart ladscape at these unchartered territorries are expectedly barren. i have therefore resorted to fib to provide the set of support levels above.
the indicators show an overbought situation, which is to be expected in the circumstances. interestingly, the macdm histogram is rising against the dropping share price. this divergence bides well for the stock and helps to show that the drop in price is none other than a technical matter.
