Technicals | Jun 25 2019
By Michael Gable
This week we look at Sydney Airport ((SYD)).
We highlighted a possible opportunity with SYD on 30 April when it was trading at $7.61. Our commentary at the time stated: "SYD has been range bound for nearly 3 years now. The upper limit of that range is near $7.60. The stock has had a few attempts at pushing through that level but it has failed each time. SYD is therefore one to watch. A break of that level would draw in more buying. When we remember the rule that the longer a stock consolidates for, the bigger the breakout, then this means that if SYD can push to a new high shortly, then that would be the start of a fairly large multi-month move.
For the moment though we remain neutral just in case this resistance level sees more selling kick in." SYD has now clearly broken free from this consolidation. We should therefore now expect a substantial multi-month move to take place with SYD. Positive price action suggests that current levels are a buying opportunity.
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
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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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