Technicals | Jul 30 2019
By Michael Gable
The S&P/ASX 200 Index is within striking distance of an all-time high. From almost 5400 in December to over 6800 in July, the market has defied the bears who thought it was all over. In our 2019 Outlook which was sent before Christmas, we anticipated a very good year for the markets.
In this week's week report we identify another buying opportunity with Nanosonics ((NAN)) which we have traded successfully in the past.
NAN is back on the move again. After peaking in June, it eased back on decreasing volumes to find support on top of the April high. Volume has then come back in the last few days and the share price has started to kick higher. We also have a buy signal on the daily MACD (circled). All of these signs are bullish and indicate that there is a strong chance that NAN continues to rally from here towards a new high.
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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