Technicals | Mar 06 2018
By Michael Gable
Today we take a look at Inghams Group ((ING)).
Our last comment on ING noted the support level near $3.50 but the shares managed to slip further to close at a low of $3.31 in January. Looking at price action now, we can see a clear breakout from the downtrend (diagonal blue line) that was in place across October – February. The breakout was also on strong volume (circled). The shares are likely to congest near $3.80 but the chart indicates that ING will go on to head to a new high, possibly above $4 in the next few months.
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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
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