Share tips and stock recommendations for the Australian (ASX) share market – buy, hold, and sell. Michael Gable is an expert guest commentator for the stock market newsletter thebull.com.au.

This post is an extract from the newsletter dated 11 December 2023. You can access the full version of the article HERE.

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Buy Recommendations

ASX:BHP

We retain our bullish view on resources, but now we have momentum starting to pick up in the share price of BHP. The shares had spent much of the year trading sideways but a recent break out should see BHP surpass $50 over the next few months.

ASX:RMD

After the large decline in its share price across August – September, the share price traded sideways for several weeks as it established a strong level of support. The share price is now on the move again and it looks to be entering a new uptrend. We expect a major recovery from here which would also be fueled by short-covering.

Hold Recommendations

ASX:EVN

We’re bullish about the outlook for the gold price. EVN’s share price recently broke free of its trading range to coincide with the gold price making new highs. The company recently completed a $525 million institutional placement to partly fund the acquisition of an 80 per cent interest in the Northparkes Copper-Gold mine. The company outlook appears brighter. In October, the gold producer retained fiscal year 2024 guidance of 770,000 ounces at an all-in-sustaining cost of $1370 an ounce.

ASX:PDN

PDN is a uranium stock that we have previously tipped to do great things. After seeing a share consolidation for several weeks, it is now on the move again. We believe this upwards momentum is the start of the next major uptrend and early 2024 should see more and more investors start to chase the stock as the company gets closer to restarting production again.

Sell Recommendations

ASX:BEN

The regional banks cannot compete with the big 4 and competition is only going to increase from here. A recent bounce in the share price has seen BEN shares trade closer to fair value territory and we believe this is an opportunity to sell them before they resume their long-term downtrend.

ASX:EML

A recent strategic review was not taken well by the market and questions are being raised about their future competitive position. The recent sell-off due to this announcement was on high volume and the relief rally from the start of this year is now under threat of breaking.

 

Michael Gable is managing director of Fairmont Equities.

 

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