Technicals | Nov 01 2022
This story features WISETECH GLOBAL LIMITED. For more info SHARE ANALYSIS: WTC
By Michael Gable
The relief rally in the S&P500 Index is likely to stall here as markets wait for the latest rate hike from the US Federal Reserve. We don't expect much in the way of new information, but if markets can just shrug it off, then we should see the index meander higher.
Either way, we have an event this week that could cause a sharp move in either direction. Our advice is to be cautious here leading into this event on Wednesday night.
Today's research has a chart of WiseTech Global ((WTC)).
The overall picture for WTC looks bullish because of its relative strength compared to not only the broader market, but other technology stocks in general.
In September, it went to a new high before being sold off. However, after a couple of weeks of weakness, it rebounded and then started to consolidate sideways in a triangular formation.
Consolidating like this under the old high was a sign that it was getting ready for another move higher. It is now trying to break out of this consolidating and move higher. This is therefore a buy signal as there is a good chance that WTC continues its uptrend from here.
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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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