article 3 months old

EclipX On The Right Road

Technicals | Nov 14 2017

By Michael Gable 

With the S&P/ASX 200 Index clearing the 6000 mark, and sentiment looking positive running into Christmas, it is best to make hay while the sun shines. One of our recent picks which has performed solidly is Eclipx Group ((ECX)). It is undergoing some profit taking after a good run, so while it takes a breather here, we'll use this opportunity to take another look at the company's fundamentals and determine where it might be heading based on the charts.

Our previous charting commentary on ECX was back in September when it broke the downtrend and triggered a "buy". We expected the stock to move to a new high "in the next month or so". It has managed to head to its previous peak a bit quicker than expected. Now it is at these levels, we expect it to congest here as profit taking kicks in, trading between about $4 and $4.30. Once that has completed, then the stock should be ready to move to a new high and continue trending higher.

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

Fairmont Equities is a share advisory firm assisting Private Clients with the professional management of their share portfolio. We are based in the Sydney CBD but provide services to private clients across Australia. We believe that the concepts of fundamental analysis and technical analysis of stocks are not mutually exclusive. Regardless of whether you are a trader or long term investor, combining both methods is crucial to success. As a result, the unique analysis of Fairmont Equities is featured regularly in the media such as Sky News Business, CNBC, The Australian Financial Review, and the ASX newsletter. Contact us for a free trial of our research and information on our portfolio management services. 

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

Fairmont Equities Australia (ACN 615 592 802) is a holder of an Australian Financial Services License (No. 494022). 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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