article 3 months old

Goodman Group On A Roll

Technicals | May 19 2020

This story features GOODMAN GROUP. For more info SHARE ANALYSIS: GMG

By MichaelGable

Over the last couple of weeks, we have made reference to the fact that the S&P/ASX 200 Index had been stuck in a range between about 5200 and 5500 since mid April. Overnight moves in the US should see our market now break out from here to the upside. That could then lead our market to start rallying again with 6000 now in its sights.

In this week’s report we have analysed Goodman Group ((GMG)), which is providing us with a good longer-term investing opportunity.

After bouncing higher in late March – early April, GMG then consolidated the move by forming an ascending triangle (blue lines). It then broke free of this on 7 May, retested the breakout, and is now heading higher again. GMG should continue to rally here. The next level of resistance is between $15.50 and $16.50.

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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For more info SHARE ANALYSIS: GMG - GOODMAN GROUP