Technicals | Nov 12 2019
By Michael Gable
The S&P/ASX 200 Index had been unable to push beyond the 6,750 region for the last several weeks but it finally managed to do so yesterday, closing on its highs. With this prior consolidation now over, it gives our market the ability to retest the July high and push through. This means that in several days from now we could very well see our share market back on the front page as journalists write about it hitting all-time highs. Would that be a market top? We don’t have the typical exuberance that is seen at a market top. There are still plenty of bears out there worried about the recession “around the corner”. When they finally give up and throw in the towel at much higher levels, then we need to be worried. For the moment though, we are likely to see a nice move higher through to Christmas and investors are advised to try and take advantage of that.
In today’s report we have covered Amcor ((AMC)).
At the end of October, AMC formed a higher low and then pushed higher beyond resistance in the low $14’s. Volume has started to come back into the shares in the last couple of days, so it looks like it wants to head higher from here and possibly retest the old high above $16.
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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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