Orica Resumes Up-Trend

Technicals | Apr 16 2024

By Michael Gable 

Share markets continue to cool off as markets reassess their interest rate outlook due to the strong US economy.

Given the run that we have seen in the US, it is no surprise that something will be offered up as an excuse to take a bit off the table.

From what we are seeing at this point in time, there doesn't seem to be a warning sign that anything beyond your run of the mill 5-10 per cent cooling off is underway in the US.

The S&P/ASX200 Index had a great start to the year, helped by the banks, but now the commodity stocks have picked up the baton which may give us a chance to better absorb any of the US induced weakness for a while before we are ready to head higher again.

We offer a technical view on Orica ((ORI)).

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