Page 28 - Michael Gable News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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. Today's 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 break last week with BMN pushing above the recent range. Volume was also strong (circled). Current ...

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 getting prepared to make an upside break. Therefore, REA is worth watching for now and a strong close...

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, AX1 should resume rallying higher. For now however, we need to wait for a close above at least $2.50.

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 today's report, we have a chart to show you where we think it can head to. After being range bound for about four months, the XJO has finally broken free. In the short term, w...

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 the flag and is therefore resuming the uptrend. Current levels are therefore a buying opportunity.