AMP: Recovery Pending?

This story features AMP LIMITED. For more info SHARE ANALYSIS: AMP

By Michael Gable 

The last couple of weeks have been massively volatile due to the CPI numbers out of the US and this week's likely interest rate hike from the US Federal Reserve.

We will know for sure on Thursday morning what the interest rate hike is and how the US market wants to react to it, but unfortunately the Australian market is closed that day.

In other words, today and tomorrow will continue to see whipsaw action in the markets and there will be a lot of noise generation until Friday's session.

In terms of the S&P500 Index, it is at a support zone now, and if this breaks, then we would be looking at levels back near 3700 to possibly provide support.

Unfortunately. we cannot control or predict the markets, so we will probably need to wait until Friday at the earliest to get some clearer ideas as to the next direction of the trend.

In the meantime, we have charting analysis on AMP ((AMP)).

AMP could be getting set for a further recovery here.

There appears to be an obvious resistance level near $1.20. The low of AMP occurred earlier this year and the range is now starting to tighten up, which are positives.

This means that AMP could be getting close to making an upside break, so for now it is one to keep on the watchlist.

A clearer push above current levels would be the confirmation and we should then expect a decent recovery in the share price because current levels have provided strong resistance for so long.

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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