Technicals | Nov 14 2023
This story features ALTIUM. For more info SHARE ANALYSIS: ALU
By Michael Gable
During the past week, the S&P 500 Index stalled for a few days as expected and then broke through the next resistance level. So far, it appears to be trading well. Locally, on the other hand, we have seen a bit more weakness as stocks trade ex-dividend, but we are not getting any major selling into the bounce and this bodes well for our market.
The charting section of this week's report has a look at a technology stock that appear to be trading well on the back of falling yields – Altium ((ALU)).
We last looked at ALU on 12 September and noted the risk of the shares falling lower towards $41. We can see that the shares fell back towards that support zone near $40 – $41 before bouncing again. We have buy signals on both the RSI and MACD and we are therefore confident that a low is in place and ALU is on the way back up. Current levels are a buying opportunity. Light resistance is likely to be found at $44 and $46, but we should see a retest of the $48 level.
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: ALU - ALTIUM