Goodman Group: Short Term Rally

Technicals | Jul 19 2022

This story features GOODMAN GROUP. For more info SHARE ANALYSIS: GMG

By Michael Gable 

We noted last week that the S&P500 Index looked set to consolidate under 3900 in order to give it the energy to provide a decent bounce.

It is still building up under that level, so a push above 3900 is the trigger for a decent bear market rally. The S&P/ASX200 Index is also getting very close to pushing above the 6700 level that we commented on last week. So keep an eye on those two levels for confirmation that the broader market will rally for a few weeks.

In today's report, however, we have analysed the chart of Goodman Group ((GMG)).

For at least the short-term, we expect a relief rally here in GMG.

It has made a few higher highs and higher lows since mid-June. In the past several days it has eased back in a tight range before making a nice move higher yesterday.

Current levels are a buying opportunity as we expect it to rally back up towards $21. It then needs to break above $21 for the overall downtrend to be over, so a move above that would be more bullish for the longer-term.

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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GMG

For more info SHARE ANALYSIS: GMG - GOODMAN GROUP