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 4 June 2018. You can access the full version of the article HERE.
There should be strong support now for WSA shares around current levels and we believe that it time to buy back in. Nickel prices also remain well supported. If the stock can clear the $4 mark, then we would be looking for levels back up between $4.50 and $5.
This is a speculative buy as the company has disappointed investors on many occasions. However, it looks like a low is in place on the chart. Recent price action has been bullish and MYX looks ready to jump higher from these low levels.
During the last several weeks, ANZ has looked the strongest of the big 4 banks. It has bounced off some key technical levels and we are confident that a low is in place for the stock. It now appears ready to trade higher again
Shares in ORG continue to trend well and we don’t see any signs that this uptrend will soon come to an end. If investors can tolerate the recent swings in the share price and hold on, then we expect ORG to head towards a key resistance level near $11.50.
CTX peaked this year at over $36 but the selling since then has been brutal. Based on this price action, we would expect further downside to occur here as CTX heads back towards support near $27.
The shares are back to levels last seen 5 years ago. In that time the company has experienced increases in competition and this technical level will offer strong resistance. The WES share price is likely to head south from here.
Current share prices available here.
You can learn more about technical analysis in this article.
Michael Gable is managing director of Fairmont Equities.
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