Technicals | Apr 04 2023
This story features MACQUARIE GROUP LIMITED. For more info SHARE ANALYSIS: MQG
By Michael Gable
Share markets have had a good run these past few days.
We noted last week that indices were looking bullish and we finally managed to string together a few positive days in a row.
We are still positive on resource stocks here, and banks are also looking like bouncing from these levels. Don't worry too much about the news headlines. They are there to sell news.
The price action is telling us that markets want to head higher for the time being.
Today's report has a chart on Macquarie Group ((MQG)).
MQG has now put in two higher lows since October, so we can be more confident that it is back into an uptrend now.
The recent decline in March saw the stock become oversold on the daily RSI. Prices then tightened up and the push higher in the last few days was on good volume.
Price action here isn't too dissimilar to what we saw in January. We also have a buy signal on the MACD. Current levels are therefore a 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.
Find out why FNArena subscribers like the service so much: "Your Feedback (Thank You)" – Warning this story contains unashamedly positive feedback on the service provided.
FNArena is proud about its track record and past achievements: Ten Years On
For more info SHARE ANALYSIS: MQG - MACQUARIE GROUP LIMITED