Summary
Phil Anderson highlights two ASX stocks — Wesfarmers (WES) and Brambles (BXB) — as exhibiting favourable Gann-style patterns in April 2023, with BXB breaking into all-time new highs. He also references forecast dates from the 2023 Roadmap, flagging 11 May 2023 as the next significant potential change-of-trend date.
Key Claims
- WES is performing well but has not yet broken into all-time new highs — confidence: high (chart cited)
- BXB has broken into all-time new highs, which Anderson interprets as a signal against near-term world recession — confidence: medium
- The breakout pattern in BXB matches Anderson’s favourite pattern from page 67 of Gann’s Truth of the Stock Tape — confidence: high
- This “break over past highs” pattern is expected to become more prevalent in the coming year as the cycle repeats — confidence: medium
- Forecast dates from the 2023 Roadmap (15 Jan, ~13 Feb, ~13/14 Mar) were identified as potential trend-change dates; the March date was flagged as most significant — confidence: medium
- 11 May 2023 is the next important date to watch for a change of trend, per page 32 of the 2023 Roadmap — confidence: high (explicitly stated)
Mex Pete References
None.
Stock Picks / Signals
- ASX:WES (Wesfarmers) — Mentioned as a stock to watch for upside movement in 2023; discussed in Anderson’s 6 March Melbourne talk. No explicit buy/sell signal, stop loss, or price target given.
- ASX:BXB (Brambles) — Highlighted as showing a strong Gann pattern with a confirmed break into all-time new highs. No explicit buy/sell signal, stop loss, or price target given.
Predictions / Forecasts
- 11 May 2023 — Identified as the next important date for a potential change of trend (sourced from page 32 of the 2023 Roadmap).
- The “break into all-time new highs” pattern (per Truth of the Stock Tape, p. 67) is forecast to appear more frequently across stocks in the year ahead.
- BXB’s all-time high breakout is interpreted as inconsistent with an imminent global recession.
Notable Quotes
“A key break into all time new highs for this stock, as it has done, doesn’t illustrate world recession coming any time soon.”
“Assuming the cycle plays out in a repeat of prior cycles, you can expect the above pattern – my favourite, from page 67 of Truth of the Stock Tape – to be more prevalent in the coming year.”