Technicals | Feb 12 2019
By Michael Gable
As we move through reporting season, more and more opportunities will emerge. Because of this, we have looked at a chart of James Hardie Industries ((JHX)).
After bottoming out in December, JHX started to track sideways in a tightening range. Volume was also coming back into the stock. After releasing some encouraging 3rd quarter results last week, the shares gapped up on strong volume and have held onto those gains. It now looks as though a low has formed in JHX and we should expect to see the share price continue to recover from here. Initial resistance will occur in the gap that was created back in November (indicated by the horizontal lines), but JHX should eventually breach that and head back up towards the range that it traded in during 2018 which is between about $21.00 and $24.00.
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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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