Technicals | Sep 17 2019
By Michael Gable
The major story this week is the attack in Saudi Arabia and its effect on oil prices. There are enough unknowns that should, in our opinion, see oil prices remain elevated for a while yet. Last week we highlighted that sentiment in the energy sector was low and that we could see some early positioning into energy stocks. Whilst no-one had a crystal ball in regards to the Saudi attack, it shows that this was just the beginning of the move back into the energy sector and the latest news is the catalyst to keep our energy trade and buying recommendations alive for a bit longer.
In terms of other opportunities, this week we take a look at Bega Cheese ((BGA)).
BGA has come back a long way over the last year but it seems ready to head higher again. During August, it had three attempts to break $3.80 but it managed to hold on and reverse course. Volumes have been healthy since then and it is now pushing beyond resistance at $4.40. We could be seeing the early stages of a share price recovery. The next hurdle for BGA is up near $4.80.
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.
Find out why FNArena subscribers like the service so much: "Your Feedback (Thank You)" – Warning this story contains unashamedly positive feedback on the service provided.
FNArena is proud about its track record and past achievements: Ten Years On