MARKET REPORT

From the Greeneye Charting we can see key resistance is at $350-360 level. If the market can break through this barrier there is little to stop it hitting $400, or even $450-460 where there is major resistance. Major support is found at $270 with minor support at $315.

Given the forecast rains later in the week it will be interesting to see how the charting predicts the outcomes. In fact the market looks increasingly likely to test higher levels of resistance before lower levels of support.

The weekly water auction on Water Move shows continued variation across the 3 principal water zones that the market operates in. The high spot in the market was the Dartmouth to Barmah zone at $365, with Barmah to South Australia at $307.50 and in the middle, 1A Greater Goulburn at $334.10, providing some opportunities to buy well if you use your 'nous'!