Wealth Within chief analyst Dale Gillham expects the market to continue to rise over the next three to four weeks with the next peak likely to occur in mid-February.
Following is an extract from Gillham’s market wrap last week’s:
The run up on the market into Christmas was quite subdued and not at all how I expected the year to end with the All Ordinaries Index (INDEXASX:XAO) closing down by around 2 per cent during December.
In fact, if you have found that your portfolio has not done well in the second half of 2019, then you would not be surprised to learn that the market has only risen around 1.5 per cent in the last six months.
But everything changed this week with the All Ordinaries Index rising strongly to achieve a new all-time high with the market rising nearly 3 percent so far this month.
As I alluded to prior to Christmas, the market is bullish and the All Ordinaries Index will rise in January and beyond.
Right now, we can expect the market to continue to rise over the next three to four weeks with the next peak likely to occur in mid-February at around 7,200 points or above.
I am confident that our market will rise during the first half of this calendar year with my target set at around 7600 points.