Harvey Norman: On The Move

Technicals | Aug 04 2020

By Michael Gable 

The last few trading sessions in the US have been fairly positive and we believe that the S&P 500 Index is set to retest its peak from February. Domestically, the focus is on Victoria and while this current reporting season is being feared by many, it may actually provide a sense of relief and direction to break the negative mood that is out there at the moment. That, combined with the S&P 500 Index getting on with it, may be the catalyst to get our market moving again. There is little to do in a sideways market, but we need to be ready for when that changes and although we are not trending higher yet, we continue to see more evidence each week that the next move will likely be to the upside.

In today's report we have looked at Harvey Norman ((HVN)).

Like most stocks, HVN looked vulnerable in mid-June, but it has managed to hold in at these levels instead. After trading sideways for the last several weeks, it finally showed its hand on Friday by popping above the recent trading range. The next test for HVN is $3.80. A close above that would make us confident of higher levels again.

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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