Technical Analysis: 3 Jan 2014

About the author:

Violeta Todorova
Author name:
By Violeta Todorova
Job title:
Senior Technical Analyst
Date posted:
03 January 2014, 8:49 AM

Dexus Property Group (DXS)

The down trend from the May 2013 high has lost momentum over the past six months and the price has been trading sideways, fluctuating between $0.98 and $1.11. The RSI and the MACD indicators are turning positive from oversold territory, suggesting that the price is likely to bounce in the near term. The potential upside price target is $1.11.

Over the medium term, as long as the price stays within the boundaries of its current consolidation our view on the stock is neutral and we rate it a hold. Accumulate.

iiNet (IIN)

IIN has been trading sideways over the past six months, fluctuating between $5.63 and $6.64. The current short term rally rebounded close to its resistance, where initial selling pressure is likely to arise. Momentum indicators have approached overbought territory, suggesting that the price is likely to pull back soon. The potential downside price target is towards $6.00 where we will be looking to accumulate.

Over the medium term, as long as the price stays within the boundaries of its current trading range ($5.63 - $6.64) our view on the stock is neutral and we rate it a hold. ST weakness.

Ramsay Health Care (RHC)

In our last update on the 13th of December 2013 we discussed the bullish nature of the breakout and our initial upside price target of $42.50 has now been reached. The RSI and the MACD indicators have reached overbought territory, suggesting that the price is likely to pull back in the short term. Therefore, active clients may consider taking profits. 

Over the long term, we continue to like the stock and we believe that higher price levels are achievable. ST weakness.

Seymour Whyte Limited (SWL)

The down trend from the September 2013 high has lost momentum over the past two months and the price has been trading sideways, fluctuating within the boundaries of an ascending triangle. A break above resistance of $1.26 is likely and will confirm that the correction is over.

The potential medium term upside price target based on the breakout is $1.38, however over the long term higher price levels are achievable. Buy on a break above $1.26.

Woodside Petroleum (WPL)

In our last update on the 5th of December 2013 we recommended buying the stock at $37.66 and our upside price target of $39.50 has now been reached. Momentum indicators have turned negative from overbought territory, suggesting that the price is likely to pull back in the short term. The potential downside price target is in the range between $37.00 and $37.50, where we will be looking to accumulate.

Over the medium term, as long as the price stays within the boundaries of its current range ($36.84 - $39.54) our view on the stock is neutral and we rate it a hold. ST weakness.

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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