Technicals | Jun 28 2022
This story features SYRAH RESOURCES LIMITED. For more info SHARE ANALYSIS: SYR
By Michael Gable
With markets looking to bounce here in the short-term, the question is whether this is a bounce worth trading? The S&P500 Index is about halfway between the recent low and resistance just above 4100. Ideally, for a bear market bounce that we can trade, we would like to see markets pull back from here and give us a "higher low", similar to what we saw at the star of March.
Ultimately though, the trend for markets is still lower. However, we have found a few stocks that are worth looking at if you do wish to trade the short-term bounce, so this week's report has a chart on Syrah Resources ((SYR)).
Although SYR fell sharply in early June, it then slowed down near the December low. The range started to tighten up before popping higher last Friday.
It has also provided a buy signal on the daily RSI. SYR is therefore likely to rally here in the short term. With a stop just under $1.20 and some major resistance near $1.60, current levels provide a good risk/reward buying opportunity.
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: SYR - SYRAH RESOURCES LIMITED