Onwards And Upwards For Altium

This story features ALTIUM. For more info SHARE ANALYSIS: ALU

Michael Gable of Fairmont Equities suggests Altium shares are ready to set a new all-time high.

By Michael Gable

As we have anticipated, the S&P/ASX 200 Index has broken to a new high and it is set to trend higher. The Australian market has effectively gone sideways for six months.

The general rule of thumb is that the longer a market, or stock, consolidates, the more sustainable the eventual breakout. That is because our market went nowhere for quite a period of time, so there is a very good chance that we have a nice rally ahead of us.

A TECHNICAL ANALYST’S VIEW ON ALTIUM ((ALU))

During the last month, we have seen ALU consolidate in a triangular formation. The fact that it has not been sold down after reaching towards the old high of $38 last month is a positive sign.

That is, consolidating sideways here under the old high is a bullish sign. This means that it is getting ready to make a move through the old high.

We are now seeing ALU starting to break out here so current levels are therefore a buying opportunity as ALU should now go on to trade up at new highs.

Content included in this article is not by association the view of FNArena (see our disclaimer).
 
Michael Gable is managing Director of  Fairmont Equities (www.fairmontequities.com)

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

Disclaimer

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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