ARB On Comeback Trail

Technicals | Apr 23 2019

By Michael Gable 

The Australian share market continues to be in a bit of a holding pattern, although we believe it to still have a positive bias. Many stocks are looking tired in the short term and the challenge for investors is to not get too bored and remain positioned for the next move higher. Having said that, there are some companies that are making a move already. In this week's report we revisit ARB Corporation ((ARB)).

The ARB share price fell dramatically at the end of last year but it seems to have found support at the 2017 low. After finding support earlier this year, it has gone on to trade fairly well. We have seen some impulsive weeks higher and any pullbacks have been fairly corrective, with the most recent one from March sitting on top of the previous consolidation. ARB looks to be in a sustainable uptrend now and we expect it to continue to head higher for the time being. The next line of resistance is just above $19.00.

Content included in this article is not by association the view of FNArena (see our disclaimer).
 
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

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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