Technicals | Apr 09 2019
By Michael Gable
The Australian market continues to look well supported with resources once again doing the heavy lifting at the expense of the banks. RIO is now through $100 and BHP should shortly push through our $40 target. Despite oil prices hitting a 5-month high, energy stocks have been lagging for nearly two months now. It is a sector that we are looking to get back into when share prices have bottomed out, so stay tuned for that.
This week we present an update on a core stock for many of our trading clients – Macquarie Group ((MQG)).
Our most recent charting comment was in mid-February where we expected the shares to head higher. The stock looked a bit weak during mid-March as the overall market showed possible signs of peaking and MQG was rejecting the $130 level. However, a break of $130 in the last several days is now a sign that MQG wants to continue trending higher. At the moment it appears to be establishing the $130 level as a bit of a baseline. Therefore, current levels are a buying opportunity for anyone without exposure to MQG.
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
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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