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 above $160 would be a chance to top up in preparation of it rallying through to new highs.
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VGI faces into the fund managerâs dilemma
Managing director Rob Luciano needs to better balance stock picking with investor relations, as he battles an activist campaign. He believes a new CEO can help.
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Rob Luciano is trying to solve the conundrum he says plagues all modern fund managers.
On one hand, the executive chairman of ASX-listed hedge fund VGI Partners says thereâs never been a more important time for a fundie to be actively managing their portfolio.
âItâs a treacherous environment,â Luciano says. âI think youâve got to be highly selective and youâve got to have more factors in play than you did even 12 months ago.â
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.
VGI looks to BlackRock for new chief Lachlan Maddock 08 April 2021
Former BlackRock high-flyer Jonathan Howie will join global investment manager VGI Partners as its new chief executive.
Jonathan Howie most recently worked as APAC head of index equity for BlackRock in Hong Kong, prior to which he was head of iShares Australia from 2011-2018. He was chosen after a “comprehensive selection process” undertaken with the assistance of a search firm.
“We are delighted to have Jonathan join VGI at such an important time in our company’s growth. Jonathan is well suited to take our company strategy forward, with the skills and experience needed to drive long-term value for all our shareholders,” said executive chairman Robert Luciano, adding that Mr Howie’s appointment would help VGI build out its relationship with investors and its operational and risk management capabilities.