article 3 months old

Afterpay: Just A Breather

Technicals | Aug 11 2020

By Michael Gable 

As forewarned last week, the S&P 500 Index has moved higher and is retesting its high from February. We expected that this, combined with an improvement in Victoria's daily infection rate and a "not so bad" reporting season, may be the catalyst to get our market pushing past the June peak and rallying again. With our market putting on over 190 points in the last week, that now appears tantalisingly close. In our opinion, it is not a time to be short.

In today's report, our charting section looks at Afterpay ((APT)).

APT has obviously had a great run since the March lows. At the end of June, however, it looks like it got a little ahead of itself by gaining more than $15 in less than two weeks. This means it had to consolidate the move. For most of July, it has failed to trade much higher, but this is not a negative. It looks like the share price was just taking a breather. It now appears ready to rally again to new highs and resume the uptrend.

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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