Technicals | Feb 09 2021
This story features MACQUARIE GROUP LIMITED. For more info SHARE ANALYSIS: MQG
By Michael Gable
The Australian market has managed to have a solid week and has stuck its head back above the January peak, which is a positive for now. Under the surface however, we haven't seen a broad-based rally, with the big miners still under-performing in the short term. Other large caps are failing to do much also, including Macquarie Group ((MQG)), which we have a chart of in today's report.
We had a look at the MQG chart four weeks ago and we noticed that it had been trading in a tight range. A potential upside break could have resulted in a swift rally. However, MQG has broken underneath this range instead (circled). It has since bounced back up, but we can see that it is still struggling to get back above that old support level. If MQG cannot rally above the lower blue line in the next few days, then it remains vulnerable to a further dip where it may go on to test support down near $120. However, if it can push above that lower blue line (about $136.50), then we can be more confident that it is ready to head higher again. For now, any buyers of MQG need to be patient and see what it wants to do in the next few days.
[Note: At the time of publication, Macquarie Group is up 6.5% to $142.99 (10.30am) following a trading update.]
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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For more info SHARE ANALYSIS: MQG - MACQUARIE GROUP LIMITED