Upside For Blackmores

This story features BLACKMORES LIMITED. For more info SHARE ANALYSIS: BKL

By Michael Gable 

As reporting season draws to a close this week, we await the details of US President Trump's "phenomenal" tax plan. With the US market inching higher for its record 12 days up in a row, one has the feeling that he really needs to knock it out of the park to ensure the market keeps moving higher in the short term. This week we have a closer look at Blackmores ((BKL)).

 

The stabilization in the BKL share price in the last couple of days is so far making the last few months resemble an inverse head and shoulders. The shoulders are not as high as we would have liked but it will be interesting to see if the stock can make its way back up towards $120. If it can do that and break it, then we could see an initial move up towards resistance at $140. So BKL is a hold for now and would only be worth buying again if it can break $120 and start to look positive.

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Michael Gable is managing Director of  Fairmont Equities (www.fairmontequities.com)

Michael assists investors to achieve their goals by providing advice ranging from short term trading to longer term portfolio management, deals in all ASX listed securities and specialises in covered call writing to help long term investors protect their share portfolios and generate additional income.

Michael is RG146 Accredited and holds the following formal qualifications:

• Bachelor of Engineering, Hons. (University of Sydney) 
• Bachelor of Commerce (University of Sydney) 
• Diploma of Mortgage Lending (Finsia) 
• Diploma of Financial Services [Financial Planning] (Finsia) 
• Completion of ASX Accredited Derivatives Adviser Levels 1 & 2

Disclaimer

Michael Gable is an Authorised Representative (No. 376892) and Fairmont Equities Pty Ltd is a Corporate Authorised Representative (No. 444397) of Novus Capital Limited (AFS Licence No. 238168). The information contained in this report is general information only and is copy write to Fairmont Equities. Fairmont Equities reserves all intellectual property rights. This report should not be interpreted as one that provides personal financial or investment advice. Any examples presented are for illustration purposes only. Past performance is not a reliable indicator of future performance. No person, persons or organisation should invest monies or take action on the reliance of the material contained in this report, but instead should satisfy themselves independently (whether by expert advice or others) of the appropriateness of any such action. Fairmont Equities, it directors and/or officers accept no responsibility for the accuracy, completeness or timeliness of the information contained in the report.

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