Market due for high next month: Wealth Within
The market might finally be trading higher in a sustained move as reporting season shows positive results for some of the largest companies, including Telstra and AMP, according to Wealth Within.
Dale Gillham, Wealth Within chief analyst, said Telstra and insurance companies, as well as the “long-suffering” AMP all reported positive results with their respective share prices rising, driving the market up.
“The US market is just finishing its reporting season with over 80% of companies announcing improved results and I suspect we will follow suit,” Gillham said.
“We need to be mindful that the results being delivered are for the previous financial year and as we are only one month into the new financial year and over half of our population in lockdown, we are likely to see a different story, at least in the next one or two quarters.
“Right now the market is bullish, and I believe it will continue to push towards 8,000 points and beyond.
“That said, we are due for a high in the next month with the market likely to fall into its next low in the last quarter of this year.”
According to FE Analytics, over the year to 13 August, 2021, the ASX 20 has returned 33.13%, while the ASX 200 has returned 29.2%
Performance of ASX 20 and ASX 200 for the year to 13 August 2021
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