BURSELE LUMII Investitorii europeni, atenţi la evoluţia Covid bursa.ro - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bursa.ro Daily Mail and Mail on Sunday newspapers.
By Michael Gable
The Aussie market has pushed past that key 7400 level and clearly remains in an uptrend for now. Today s research has identified a buying opportunity with a chart on Commonwealth Bank ((CBA)).
Our prior CBA comment was on 13 April when it was trading near $87. We noted the formation of the ascending triangle and commented that as soon as we get a break above the horizontal line (if we get a break), CBA shares would then likely make a run higher and attempt to test the $100 level. After making that run to over $105, CBA suffered a couple of large days down on high volume. This put an end to the uptrend momentarily.
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 need that extra day or so to see how it trades. Domestically, the S&P/ASX 200 Index is likely to breach that today. It has been trading sideways for the last several weeks but all the while it has remained in an uptrend. Price action in the next day or so again will therefore tell us whether to become bearish on the local index or not.
Harvey Norman On The Move
By Michael Gable
In this week s 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 stock is ready to trend higher again and this breakout from the last few days is a buying opportunity. Tight stops can be placed just under the breakout near $5.40, otherwise major support at $5.00 needs to hold.
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 ANN looks like a buying opportunity for investors here, as it is still at the start of its next rally higher.