Technicals | Jun 26 2018
By Michael Gable
The Australian market has had a sensational week, with the banks finally coming to the party and lifting us to a new high for the year. Our charting commentary two weeks ago on the S&P/ASX 200 Index noted that the chart looked positive and we should be making a new high in the next few days. Its encouraging to see that play out perfectly. The miners should have further consolidation here but at some point soon, they will want to head higher again and that will help the overall market see higher levels.
This week in our report we look at the chart for Bellamy's Australia ((BAL)).
From the lows in early 2017, the shares managed to increase in value 5-fold. But from that peak in late March they saw a decline of almost $6. They are now looking like ending that consolidation and seem to breaking out on good volume. A close under the May low is a negative, but if BAL can hold on here, then we are looking at another rally taking place to see the stock head to a new high.
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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
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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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