AusGroup    Last:0.009   -

Ausgroup

Take a look at my earlier charton 8/6 an below chart.

There is also another support at 0.52 n 0.49 at the 50ema (forgot to add)

richtan      ( Date: 08-Jun-2009 11:19) Posted: Looking at the long term line chart, Ausgroup is having a bullish cup formation with flagpole n bullish rising wedge with support at 0.60, followed by 0.57  n 0.515 (consolidation n failure of rising wedge).

 

Hi guys
I did mentioned wave C is still in force and have also mentioned that anything can happen in correction mode because they are undisciplined waves.
In fact in most cases, we can only see the pattern once they are done.
There are also some sign in the technical indicator showing that wave C is still intact.
Maybe richtan can advise. (Not going to investigate the minor waves anymore, headache already). see chart
Cheongwee please comment. (see also my sembmarine posting)


Just my view, for sharing and learning, please comment. Learning through critique for improvement. 
(Not an inducement to trade).

 

Hi guys,

Today seem like going dwnwards leh........

 

Wow!! at the close, again, some ultra-rich snatched another 1396 lots from the seller at 0.63.. real brewing hot now...

richtan      ( Date: 10-Jun-2009 16:44) Posted: Again at 3.36 pm, some ultra-rich fellow, snatched another 1000 lots from the seller at 62.5 cts, very sure something must really be brewing hot now. richtan      ( Date: 10-Jun-2009 15:36) Posted: Wow!! Ausgroup volume today had exceeded yesterday's volume. Someone had been snatching in 500 , 600 n 451 lots all from the seller, something must be brewing. This fellow probably must have some insider info

 

17:05:01	0.630	1,396,000	Buy Up
16:59:52	0.625	100,000
16:59:32	0.625	30,000

Wow!!!!! What a good way to finish ...: )

richtan      ( Date: 10-Jun-2009 16:44) Posted: Again at 3.36 pm, some ultra-rich fellow, snatched another 1000 lots from the seller at 62.5 cts, very sure something must really be brewing hot now. richtan      ( Date: 10-Jun-2009 15:36) Posted: Wow!! Ausgroup volume today had exceeded yesterday's volume. Someone had been snatching in 500 , 600 n 451 lots all from the seller, something must be brewing. This fellow probably must have some insider info

 

Again at 3.36 pm, some ultra-rich fellow, snatched another 1000 lots from the seller at 62.5 cts, very sure something must really be brewing hot now.

richtan      ( Date: 10-Jun-2009 15:36) Posted: Wow!! Ausgroup volume today had exceeded yesterday's volume. Someone had been snatching in 500 , 600 n 451 lots all from the seller, something must be brewing. This fellow probably must have some insider info. richtan      ( Date: 10-Jun-2009 10:38) Posted: Ooops. must be either a super-rich man or woman

 

Wow!! Ausgroup volume today had exceeded yesterday's volume. Someone had been snatching in 500 , 600 n 451 lots all from the seller, something must be brewing. This fellow probably must have some insider info.

richtan      ( Date: 10-Jun-2009 10:38) Posted: Ooops. must be either a super-rich man or woman. richtan      ( Date: 10-Jun-2009 10:37) Posted: Someone bought up 451 lots @61.5 catching from the seller at 9:27am, i think must be a super rich man n must be expecting some good news or expecting price to shoot-up, otherwise he/she won't be so stupid to throw away his/her money, right.

 

Precisely, as u too agreed tat Elliot wave is very complex, tat is exactly the very reason why I never like to rely on EW but rather prefer to analyse using candlestick, volume, support, resistance, emas.

It is not only complex but indeed extremely extremely complex.

Well, each have their own preference, so to each his/her own.

pilotfish      ( Date: 10-Jun-2009 14:25) Posted: Outlook for AUSGroup (June 10 2009) Looking at the performance this morning. It seems AUSGroup changes it course to stay within the channel. If that is the case it will become more complex for wave analysis but as a word of caution, wave C is still in force. Nevertheless, channel provide a good opportunity for short term investment. I mentioned that anything can happen in correction mode because they are undisciplined waves. Sorry to scare everyone with my previous outlook. This is the complexity of wave analysis. Just my view, for sharing and learning, please comment. Learning through critique for improvement.  (Not an inducement to trade).

 

Outlook for AUSGroup (June 10 2009)
Looking at the performance this morning. It seems AUSGroup changes it course to stay within the channel.
If that is the case it will become more complex for wave analysis but as a word of caution, wave C is still in force.
Nevertheless, channel provide a good opportunity for short term investment.
I mentioned that anything can happen in correction mode because they are undisciplined waves.
Sorry to scare everyone with my previous outlook. This is the complexity of wave analysis.

Just my view, for sharing and learning, please comment. Learning through critique for improvement. 
(Not an inducement to trade).

 

Wah...half time 0.625 liao.  Any ideas what target price to hit. 

 

Will this be good news for Ausgroup:

China to Speed Australian Iron Ore Investment After Rio Rebuff


By Jesse Riseborough

June 10 (Bloomberg) -- China is set to accelerate investment in iron ore projects in Australia, the world’s biggest exporter, after the collapse of its deal to buy stakes in mines owned by Rio Tinto Group.

“The opportunities for Chinese groups to come in and facilitate development of some of the smaller players is definitely going to start picking up pace,” said Eric Lilford, head of Australia mining at Deloitte Corporate Finance. Australia has A$26 billion ($21 billion) of proposed new iron ore mines, according to government estimates.

Rio last week scrapped a planned $19.5 billion deal with Aluminum Corp. of China, known as Chinalco, in favor of a share sale and iron ore venture with BHP Billiton Ltd., dashing Chinese expectations of locking in more supplies. Aurox Resources Ltd., Grange Resources Ltd. and Atlas Iron Ltd. may attract increased investment from China, according to Ord Minnett Ltd., an affiliate of JPMorgan Chase & Co.

“We won’t see this trend stopping or being deterred by Chinalco’s rejection because these companies are trying to get sustained supplies with stable prices,” said Zhou Xizeng, a Beijing-based analyst at Citic Securities Co. “Chinese companies have been successful in forming alliances with Australian junior miners.”

Fortescue Metals Group Ltd., Australia’s third-largest iron ore exporter, declined 2.2 percent to A$3.11 yesterday on the Australian stock exchange, paring its gain this year to 61 percent. Atlas rose 3.7 percent, Aurox advanced 4.6 percent and Grange increased 2.3 percent.

Billionaire Forrest

Fortescue, controlled by billionaire Andrew Forrest, may be a target of Chinese investment with Baoshan Iron & Steel Co. and China Minmetals Group among companies seeking acquisitions of overseas mining projects as the nation opens its purse strings, Citigroup Inc. said last month. China may spend more than $500 billion on overseas resources investments over the next eight years, according to Deloitte Touche Tohmatsu.

“It will refocus interest on the junior iron ore sector in the Pilbara” region of Western Australia, said Mike Young, managing director of Perth-based iron-ore explorer BC Iron Ltd. “The Chinese want to have a more personal level of involvement with their suppliers. The private mills in China will start looking at other players.”

Rio, BHP and Brazil’s Vale SA, the world’s biggest exporter, control about 75 percent of the global iron ore exports. Steelmakers in China, Europe and Japan have said the planned venture between Rio and BHP, the world’s second- and third- largest producers, would limit competition.

Monopoly Hints

The China Iron & Steel Association has rejected an agreement reached by Rio Tinto and Japanese and Korean mills for a 33 percent cut in annual contract prices, still at the second- highest level on record. The BHP-Rio venture “hints heavily of monopoly,” the Chinese group said in a statement yesterday.

China, the biggest buyer of iron ore, needs supplies to boost economic growth and the nation’s 4 trillion yuan ($585 billion) stimulus package has helped manufacturing expand, sparked record vehicle sales and boosted monthly imports of iron ore, copper and aluminum to records in April.

A total of 33 “less advanced” iron ore projects, with an estimated cost of A$26 billion, are planned, the Australian Bureau of Resources and Agricultural Economics said in a report last month.

Lower Grade

Many are lower-grade, magnetite ore projects including Aquila Resources Ltd.’s A$4.1 billion West Pilbara project and Atlas Iron’s A$3 billion Ridley project. Magnetite needs greater processing than higher-grade hematite ore, which accounts for about 96 percent of Australia’s output, according to Gindalbie Metals Ltd.

“The Chinese love magnetite so I’m sure they are going to push into the magnetite space big time,” Peter Arden, a resource analyst at Ord Minnett, said in an interview in Melbourne. “You are going to see at this stage multiple stakes being taken all over the place, to put their foot on it and keep others out.”

To be sure, China may also invest in projects outside of Australia, said Alan Heap, managing director of global commodities for Citigroup in Sydney. “There is high grade ore in West Africa, there is high grade ore in India,” he said.

Rio’s decision “aroused great repercussions among China’s enterprises and people,” Chinese foreign ministry’s spokesman Qin Gang said in an e-mailed statement yesterday. “However, we still believe China’s enterprises will continue” to carry out international investments and cooperation, he said.

The trend toward overseas investment “won’t be changed just because of one or two cases of failure,” said Li Kejie, a spokesman at Sinosteel Corp., China’s second-largest iron-ore trader, which last year acquired Australian producer Midwest Corp. for A$1.4 billion in cash.

Hunan Valin Iron & Steel Group, China’s ninth-largest steelmaker, this year bought a 17.3 percent stake in Fortescue for A$1.3 billion. Fortescue may need as much as $4 billion to proceed with plans to almost double output, Valin said last month.

To contact the reporter on this story: Jesse Riseborough in Melbourne at jriseborough@bloomberg.net

Last Updated: June 9, 2009 19:52 EDT

 

Ooops. must be either a super-rich man or woman.

richtan      ( Date: 10-Jun-2009 10:37) Posted: Someone bought up 451 lots @61.5 catching from the seller at 9:27am, i think must be a super rich man n must be expecting some good news or expecting price to shoot-up, otherwise he/she won't be so stupid to throw away his/her money, right.

 

Someone bought up 451 lots @61.5 catching from the seller at 9:27am, i think must be a super rich man n must be expecting some good news or expecting price to shoot-up, otherwise he/she won't be so stupid to throw away his/her money, right.

 

Outlook for AUSGroup
This is a negative outlook. Looking at the performance of AUSGroup today. Price is reluctance to come down.

Look like we are running into an expanded flat A-B-C correction (b is higer than 3) rather than a 5 waves triangle correction. c wave is still in force.
Whether you like it or not (not hard feeling please), The c waves will wipe out whatever gain earlier (reference Wave B).
However, wave C provide a good entry point (near or slightly lower than the low of A).
I forgot to mention anything can happen during correction mode because they are undisciplined waves furthermore price has landed nicely on the low side of the channel line. It may just revert into a 5 wave triangle. As the price has landed on the low side of the channel price may rise first before it fall.

Trend should continue after the correction. See chart.



Just my view, for sharing and learning, please comment. Learning through critique for improvement. 
(Not an inducement to trade).

 

Today, Midas had started to run-up after rising wedge consolidation (see my chart posting in Midas thread), next will be Ausgroup as it also had been forming rising wedge n cup formation n the 15ema n 25ema had been providing very good support for the past 3 months ( see below my chart analysis).

richtan      ( Date: 09-Jun-2009 11:33) Posted: The 15ema n 25ema had been providing very good support for the past 3 months.

 

The 15ema n 25ema had been providing very good support for the past 3 months.

 

Outlook for AUSGroup
AUSGroup is running into consolidation.

2 possible outcomes
a. Look like we are running into a flat A-B-C correction b is higer than 3. If so Uncomplete C wave expecting to be completed near or slightly lower than a.

b. A 5 waves triangle a-b-c-d-e
Price range may become smaller and smaller.

Trend should continue. See chart.



Just my view, for sharing and learning, please comment. Learning through critique for improvement.
(Not an inducement to trade).  

 

Ausgroup does look bullish, within just 2 hrs 20 mins of trade, its volume had exceeded last Friday's volume and had touched last Friday's high of 0.645.

richtan      ( Date: 08-Jun-2009 11:19) Posted: Looking at the long term line chart, Ausgroup is having a bullish cup formation with flagpole n bullish rising wedge with support at 0.60, followed by 0.57  n 0.515 (consolidation n failure of rising wedge).

 

Looking at the long term line chart, Ausgroup is having a bullish cup formation with flagpole n bullish rising wedge with support at 0.60, followed by 0.57  n 0.515 (consolidation n failure of rising wedge).

 

Ok Intresting chart. Double expanded flat noted in the bear trend.

Currently heading a correction. The rissing wedge offer trading opptunity... No sign of trend reversal. Trend should continue ...

See chart.



Just my view, for sharing and learning, please comment. Learning through critique for improvement.

(Not an inducement to trade).