Technicals | Dec 10 2019
By Michael Gable
After a brief sell-off last week, share markets have gone on to bounce back pretty quickly. The S&P 500 Index is only marginally off its all-time high, so last week's decline probably just flushed out a few more bears, but there wasn't enough selling pressure to push the market much lower.
In terms of stocks today, we have looked at Beach Energy ((BPT)).
In August/September this year, BPT broke above an ascending triangle and rallied to almost $2.80. It then pulled back to sit on top of the breakout zone (horizontal line). It is now on the move again and it looks as though this is another buying opportunity. There will be some brief resistance near the previous high but BPT should continue on beyond that as it resumes the uptrend.
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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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