Technicals | Oct 19 2021
This story features MEGAPORT LIMITED. For more info SHARE ANALYSIS: MP1
By Michael Gable
In the past week, we have seen an interesting turnaround in share markets. Markets here and in the US have both managed to get back above their 50-day moving averages and there seems to be good support at these levels.
This means that the pullback seen during August and September appears to be over for now. It looks like a -5% pullback is all we are going to get. There is still plenty out there to be concerned about. However, looking at the price action of the share market, it appears as though the market is not so worried anymore and, for now, it wants to head higher again. The next test of course will be whether share markets can breach their recent all-time highs.
In today's research, we have a chart to keep an eye on – Megaport ((MP1)).
For those looking to invest in MP1, it is worth keeping an eye on the chart here. In the past few months, we have seen the formation of some obvious resistance near $18. This means that a break above that would be a strong buy signal and could therefore lead to a decent rally. A break of the October low would be viewed as a negative.
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
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: MP1 - MEGAPORT LIMITED