Page 14 - Michael Gable News Today

By Michael Gable  US share markets have had a rough couple of sessions and this has seen the S&P 500 Index come back to the 50-day moving average. It tends to respect this level fairly well, so it will be interesting to see what happens tonight – whether it bounces off that level, or falls through it. Clearly, a break under that would be a negative for markets so our advice is to keep an eye on what happens tonight. It may well bounce off that, so it is too early to get bearish, we just nee...

Harvey Norman On The Move By Michael Gable  In this weeks research, we have identified a household name, Harvey Norman Holdings ((HVN)), which has recently dipped lower but is ready to get rallying again. After easing back across March – May, we can see that HVN then levelled out. It put in a higher low in June and also made it clear that $5.40 was a key resistance level. In the last few days, we have seen HVN break above resistance and start to move higher. It is therefore clear that the s...

By Michael Gable  Recent events have seen a resurgence in share prices of so called "COVID beneficiaries". However, some of these stocks were already on the move before the recent Sydney lockdown. We have a chart this week on [PPE manufacturer] Ansell ((ANN)). We looked at ANN at the start of May and noted that it was likely to dip back to $40 before it got going again. We can now see that the recent consolidation is over and ANN is now breaking higher (circled). The chart looks bullish and A...

Michael Gable of Fairmont Equities is keen on cyclicals as the ASX200 pushes higher and notes Bega Cheese is on the move.

By Michael Gable  In this weeks report, we have identified an opportunity in  Treasury Wine Estate ((TWE)). The overall trend for TWE is still down and volatility is still quite high, but it looks like we have a short-term trading opportunity. Across April and early May, we had a situation where the trading ranges of TWE were tightening up. This then led to a breakout last week on strong volume. This means that TWE is likely to go for a run here. If it can get through the February peak, then...

By Michael Gable  The Australian share market hits a new high on a closing basis, but it is likely to retreat straight away due to weakness in the US. The uncertainty around tech stock valuations continues and the safest place at the moment to get some returns continues to be in the resources sector. Todays research therefore has a chart on Bannerman Resources ((BMN)). We looked at the BMN chart at the end of March and noted that it was worth watching for an upside break. We finally got that ...

By Michael Gable  Our charting section this week highlights a possible buying opportunity in REA Group ((REA)). We had a look at REA at the end of March and noted the break from the tight range, commenting that "this means that we are likely to see some upside again from REA as it recovers back towards the February high." Now that it is near the February high, it is interesting to note that the shares have not been sold down heavily. By congesting under the February high like this, they are g...

By Michael Gable  This week we have analysed Accent Group ((AX1)), worth keeping an eye on for an upside break. Last week, we looked at CBA and MNY for potential upside breaks, and that finally occurred yesterday. AX1 is now showing us the same set-up. AX1 is one to watch here as a possible trade. The share price recovered very strongly after March 2020, but then hit a brick wall in January. Since then, they have traded sideways in a narrow range. This means that if we get an upside break, AX...

By Michael Gable  As we suspected last week, our market has been ready to get moving again, and pushing beyond the February peak is a clear positive. Unfortunately, the US market looks set to cool off very slightly in the short-term from its all-time highs, so this might just leave our market a bit subdued for a few days. Having said that, we can be more positive on the prospects for the S&P/ASX 200 Index (XJO) and in todays report, we have a chart to show you where we think it can head to. A...

By Michael Gable  Share markets are directionless at the moment, but there are still some clear moves under the surface. We looked at the FLT chart last week and travel stocks have since hit the front pages again and could have further to go. This week, we see a breakout opportunity in OZ Minerals ((OZL)). OZL has been trending very well since the March low. Most recently, after the February peak, it pulled back to form a bull flag and sit on top of the January high. It is now breaking from t...