article 3 months old

Uptrend For Aconex

Technicals | May 31 2016

By Michael Gable 

The US and UK markets were closed last night, so we don't have much of a lead for today. The increasing likelihood of a US rate rise in June is keeping a lid on the gold price, so we have had another look at the chart. To paraphrase, we will try to see the wood for the trees and determine if we need to worry about it or not. This week, we take a close look at Aconex ((ACX)) which, despite being listed for a little over 12 months, has quickly become a market darling. We'll give our thoughts on the company as well as the best entry point to aim for.

In the last several weeks, ACX has found it difficult to trade through the mid $6's. The longer-term trend is still going up, so there is not too much wrong with holding the stock here. However, in looking for an entry point, we would wait and see if it once again finds some sellers here in the mid $6's and makes another dip under $6.

Content included in this article is not by association the view of FNArena (see our disclaimer).
Michael Gable is managing Director of  Fairmont Equities (

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


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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