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.
Zip Co: Rebound Underway? fnarena.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fnarena.com Daily Mail and Mail on Sunday newspapers.
By Michael Gable
In this week s 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 we would be looking at a retest of the August high.