Technicals | Nov 26 2019
By Michael Gable
The US market continues to push onto new highs as we foreshadowed a number of weeks ago. Whilst our market hasn't broken out yet, and is taking longer than expected to get going, we still believe it is just a matter of time, judging by the way it is consolidating here. So, it won't be long until the starting gun gets fired for our market to start its Santa Rally. We are putting the finishing touches on our 2020 outlook document which will go into plenty of detail in regards to where we think the markets are heading and what sectors will benefit. That should be sent out later this week.
For this week's report, we have taken a look at BHP Group ((BHP)).
In October, BHP came back and retested the August low before rallying higher, making a "higher low". Since then, it has been trending well and yesterday we saw it make another "higher high". This further confirms that BHP is getting back into an uptrend. There is some slight resistance here at $38 but for the moment it looks set to at least retest $40.
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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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