Technicals | Oct 27 2020
This story features IDP EDUCATION LIMITED. For more info SHARE ANALYSIS: IEL
By Michael Gable
Whilst children are counting down the number of sleeps until Christmas, the rest of us are counting down the number of sleeps to the US election. As we've stated previously, despite the short-term noise, the market is likely to push higher into Christmas once we don't have the election to talk about anymore. We continue to favour the re-open trade and continue to expect select IT names to outperform in this environment.
Today we analyse IDP Education ((IEL)).
After gapping up in August, IEL then traded sideways in a very obvious range to consolidate the move. It now looks like it is trying to push out of this range to continue trending again. A clearer break out of this range is a buying opportunity and we would then be targeting levels up near $24 again.
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
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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