Technicals | Jul 02 2019
By Michael Gable
In this week's report our charting commentary covers Pact Group Holdings ((PGH)). Because despite the short-term noise, the macro conditions are providing us with a great trading environment.
PGH has been in a downtrend for the last two years, but we are seeing signs that it has found a low and could represent a turnaround opportunity. When the Company last week announced the refinancing of a debt facility, the shares jumped about 22% in two days. Volume was also very healthy. Seen on a weekly chart, it has given us a nice reversal signal while also pushing through a shorter-term downtrend line. As long as it doesn't get sold off too sharply in the next few days, PGH should continue to move higher from here. For the moment, last week's price action is telling us that a low is in place and the shares are likely to turn around here.
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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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