Technical Analysis: 4 Nov 2013

About the author:

Violeta Todorova
Author name:
By Violeta Todorova
Job title:
Senior Technical Analyst
Date posted:
04 November 2013, 10:06 AM

Alchemia (ACL)

In our last update on the 25th of September 2013 we discussed the overbought nature of the stock and recommended clients buy on weakness. The price declined to $0.52 providing a great buying opportunity. Friday’s price action bounced strongly, suggesting that the correction is likely to be over.

The first potential upside price target is $0.65, however over the long term higher price levels are achievable. Double Blessed buy.

Beach Energy (BPT)

In our last update on the 27th of September 2013 we recommended buying the stock at $1.36 and our initial upside price target of $1.44 has now been reached. Friday’s price action decisively broke above resistance of $1.44, suggesting that higher price levels are likely to unfold in the near term.

The next potential upside price target is $1.55, where we will need to reassess. Heading higher.

Crown (CWN)

In our last update on the 16th of October 2013 we recommended buying the stock at $16.44 and our initial upside target of $17.40 has now been reached. Friday’s price action broke above resistance of $17.22, suggesting that higher price levels are likely to unfold in the near term.

The next potential upside price target based on the breakout is $18.61. Double blessed buy.

David Jones (DJS)

The rally form the June 2013 low has lost momentum over the past month and the price has been trading in a correction mode. Friday’s price action decisively broke above its short term down trend line, suggesting that the correction is over.

The first potential upside price target is $3.05, however levels towards $3.15 are achievable over time. Heading higher.

RCR Tomlinson (RCR)

RCR has been trading in an up trend over the past year, which remains technically intact. On Friday the stochastic indicator has entered oversold territory, suggesting that the latest correction is likely to be near completion and that the price is likely to bounce soon.

The first potential upside price target is $3.90, however over the longer term higher price levels are achievable. Double blessed buy.

If you are interested in any of these stocks, please contact your nearest Morgans office.

Disclaimer: The information contained in this report is provided to you by Morgans Financial Limited as general advice only, and is made without consideration of an individual's relevant personal circumstances. Morgans Financial Limited ABN 49 010 669 726, its related bodies corporate, directors and officers, employees, authorised representatives and agents (“Morgans”) do not accept any liability for any loss or damage arising from or in connection with any action taken or not taken on the basis of information contained in this report, or for any errors or omissions contained within. It is recommended that any persons who wish to act upon this report consult with their Morgans investment adviser before doing so.

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