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 8 April 2024. You can access the full version of the article HERE.
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Buy Recommendations
ASX:FMG
As a result of the recent decline in iron ore prices,the share price chart of FMG is showing it as retesting the November breakout zone near $23. With global growth remaining strong we believe that iron ore prices will recover from here, and with it the share price of FMG. This support zone for FMG is a buying opportunity.
ASX:WHC
Soft coal prices at the end of 2023 has seen WHC’s share price fall to lower levels, but we expect prices to stabilise here and head higher again on the back of improving global growth. The share price looks cheap when we take into account the recently acquired assets from BHP, and the share price chart is showing impressive buying support.
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Hold Recommendations
ASX:NST
We remain bullish on the gold and NST is one of the best quality gold producers in Australia. Although costs have crept up over time, it is still one of the lowest cost producers. A recent upside break on the share price chart means renewed interest in the stock and it should now trend higher again.
ASX:NEU
NEU develops therapies for neurological disorders and sells their drugs through a US partner. This partner was the subject of a sort seller and NEU shares briefly fell back as a result. However, the stock looks bullish because of the way it has held on and the overall uptrend remains in place.
Sell Recommendations
ASX:TLS
All the analysts are positive on TLS, but the share price chart tells a different story. The stock has recently struggled near a major support level at around $3.80. This is a crucial level and recent weakness indicates that it is at risk of falling through and starting a new downtrend.
ASX:CTT
The stock has been in the news recently over discrepancies in how it charges duties and taxes to customers. The share price has been under a bit of pressure recently because of this, and we have also seen some director selling. Our view here would be to play safe and take profits up at these levels.
Michael Gable is managing director of Fairmont Equities.
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