Technicals | Nov 13 2018
By Michael Gable
In this week's report we take a look at the technicals of Macquarie Group ((MQG)).
From the September peak, MQG had pulled back in five waves to a low near $110. After that low, MQG bounced strongly to recover the majority of that decline. This tells us that there is a good chance a low is in place for now. Because the decline occurred in five waves, we are unlikely to push through to a new high in the short term. MQG is likely to use up some more time here to complete either a larger "flat" or "triangular" consolidation. This means that any dips for now represent a buying opportunity and when this consolidation is over, it will be ready to resume the longer-term uptrend.
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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
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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