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.
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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.
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 levels are therefore a buying opportunity as we expect BMN to continue rallying higher from here. Initial stops can be considered just under the breakout zone.