All Ords could hit 6,660 points within a month
The Australian Securities Exchange (ASX) All Ordinaries index could hit 6,600 within the next month, but we may have already seen the yearly high, according to Wealth Within chief analyst, Dale Gillham.
Gillham said once again, the All Ordinaries index lacked any real direction as it continued to trade up one day and down the next.
“This week the bulls have pushed the Australian market slightly higher, but it remains to be seen if this will continue to break the current sideways pattern the market seems to be in,” Gillham said.
“Since 1 June, the Australian stockmarket has risen just 4%, as the market is quite nervous given the US is now releasing second quarter earnings reports.
“If there is any bad news in these reports, we are likely to see the Dow Jones drop and a ripple effect flow on to our market.
The All Ordinaries index stood at 6,144.90, as of close on Friday 17 July, 2020.
“I still believe there is time for our market to rise over the next few weeks to trade to around 6,600 points, which is due to occur in the next two to four weeks,” Gillham said.
“If the bears take hold of the market, then we may have already seen the yearly high and we need to expect further falls.
“For now, until the market picks a direction, it is best to exercise caution if you intend purchasing stocks.”
According to FE Analytics, over the last 12 months to 17 July, 2020, the All Ordinaries index had lost 5.91%.
Performance of the ASX All Ordinaries index over the 12 months to 17 July 2020
AUTHOR
Chris Dastoor
Recommended for you
Selfwealth has provided an update on the status of its scheme implementation deed with Bell Financial Group as well as whether rival bidder Svava remains in the picture.
Magellan Financial Group has reported its first half FY25 results while appointing a new chief financial officer and promoting Sophia Rahmani to chief executive.
Schroders Australia has launched two active ETFs and plans to further expand its listed range over the year ahead.
Platform Netwealth has reported its financial results for the first half of FY25, reporting an 80 per cent increase in net flows, with its CEO viewing a “huge opportunity” from private assets.
