Hit and miss

Still a slow grind up despite no resolution in Greece. The Asx 200 is 15 points higher at 2.38 pm and it has been a good day for my few positions.

First, the miss. I sold out of AGO at 322 which is close to the low for the day. My entry level was 314 so it wasn't a washout but a lot was left on the table. To rewind, I waited for the breakout but was bullish the previous day. Could have bought into weakness at, say, 307. There was a minor new high on Monday and no clear pattern on the 60 minute to help out so I could have got out yesterday on a trailing stop or early today. Oh well.

OST is still running but may have hit a short term peak. I'm wondering whether to bank a good short term move or not. Here's the 60 minute.

There's a potential 5 wave pattern on the 60 minute chart but no confirmation of that and the intraday congestion is fairly contained.

The daily chart is positive but, at the same time, these little surges usually go hard and today's action might be too muted.

IPL has found strong support. A line of 5 million shares was crossed early at 322 and that may have been an overhang from the recent selling. The stock is now at 331, up 10 on the day with a quick move to 350-360 a reasonable possibility.

PNA is still congesting but the odds continue to favour a new high.

The hit is a new long in LYC. The stock price surged last week as approval for the controversial processing plant in Malaysia came through. I've been hoping to buy on a retracement and have got long at 140.5. A trade recently at 145 was a break of yesterday's high and a good sign that the correction is over. The pullback had reached back to support levels so my stop is in the low 130s.

4.13 The Asx 200 closed up 17 at 4291 so there wasn't even more of a correction as I feared yesterday. Instead, the trend channel is holding up.

As regards OST. It didn't push through to a new high but it held towards the top of the range. I decided to sell 25k from an initial position of long 100k and these traded at 80.5. The other positions closed reasonably well with LYC finishing at 145.5.