Technical Analysis: 21 Feb 2014
About the author:
- Author name:
- By Violeta Todorova
- Job title:
- Senior Technical Analyst
- Date posted:
- 21 February 2014, 8:44 AM
ACR has been trading in an up trend channel over the past year, which remains technically intact. Recent price action retraced to its channel line crossing at $1.85 where initial buying interest is likely to arise. Momentum indicators have reached oversold territory, suggesting that the price is likely to bounce in the short term.
A break above minor resistance of $2.15 will confirm that a short term bottom has been posted and will trigger a rally to $2.45. ST buy.
Decmil Group (DCG)
In our last update on the 20th of January 2014 we recommended buying the stock at $1.93 and our initial upside price target of $2.20 has now been reached. Thursday’s price action decisively broke above resistance of $2.10 confirming a small rectangle. The pattern has bullish implications and suggests that higher prices are likely to unfold in the near term.
The next potential upside price target based on the breakout is $2.38. Heading higher.
Flight Centre Travel (FLT)
The decline from the November 2013 high has lost momentum over the past three months and the price has been trading sideways. Thursday’s price action broke above resistance of $48.39, suggesting that higher price levels are likely to unfold in the weeks ahead.
The first potential upside price target is $52.39, however levels towards $53.00 are achievable. Heading higher.
GWA Group (GWA)
GWA has been trading in a mild up trend channel over the past few months, which remains technically intact. Current price action bounced off its up trend line and is likely to trade higher in the short term. The potential upside price target is towards the channel line crossing at $3.20.
Over the medium term, our view on the stock remains positive and levels towards $3.40 appear achievable. Heading higher.
M2 Telecommunications (MTU)
In our last update on the 7th of February 2014 we recommended buying the stock at $5.92 and our initial upside price target of $6.50 has now been reached. A break above resistance of $6.57 is likely and will trigger higher prices in the weeks ahead. The next potential upside price target is $7.00.
Any weakness in the short term should be considered a buying opportunity. Heading higher.
If you are interested in finding out more, please contact your nearest Morgans office.
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