Goodman Group: Overbought

Technicals | Aug 22 2023

By Michael Gable 

US share markets have cooled off by about -5% as anticipated, although the Australian market took more of a hit last week, where we thought it would stabilise closer to 7300.

The S&P/ASX 200 Index is now back near the bottom of the range where it has spent most of the year. That is, apart from a few outliers, the market has generally been stuck in a narrow range between about 7100 and 7400.

If we are looking for stocks to rebound from here, then we can find a few "unloved" stocks and sectors which have, perhaps, been oversold.

Unloved sectors that get oversold tend to offer an opportunity, provided you can get them at the turning point and not buy a heavily down-trending stock just for the sake of being contrarian.

It worked with tech stocks earlier this year, along with retail and energy stocks most recently - which we have also highlighted in this report.

Property has been another unloved sector. Goodman Group ((GMG)), which has been a favourite of ours, has been the strongest performer in that sector, and we have analysis in today's report.

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