Technicals | Aug 16 2022
This story features REA GROUP LIMITED. For more info SHARE ANALYSIS: REA
By Michael Gable
Share markets continue to recover and market breadth continues to look good. We are still positive on markets here, although it is worth noting that the S&P500 Index is about 1% away from some major resistance levels. This means that we could see a consolidation here for a few days.
That would be healthy at this point and should then allow the index to push on in a sustainable way. Either way, it would be interesting to see the market's reaction to any dips as that will give us clues as to where we head next.
In this week's report, we have analysis of REA Group ((REA)).
We looked at the REA chart on 26 July and noted that it had broken the downtrend and was on course to head higher.
Despite the run-up since then, it is still looking as though it can move higher from here.
The next resistance level to keep an eye on is the March high just above $140. The prior low near $122 needs to hold for the current uptrend to remain in place.
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: REA - REA GROUP LIMITED