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Technical Update: 30 November 2017

Violeta Todorova

Monash IVF (MVF) – Double Blessed Buy

MVF has been trading in a down trend over the past year, which is still technically intact.

The latest short term down swing has pushed the RSI and the stochastic indicators into oversold territory suggesting that the price is likely to bounce in the near term.

The initial upside price target is $1.45 however this level could be exceeded. Over the long term, we don’t see a reversal of the down trend and at this point we only favor a short term bounce.

Baby Bunting Group (BBN) – Double Blessed Buy

BBN has been trading in a down trend since August 2016 which is still technically intact.

The latest short term down swing has pushed the weekly and daily momentum indicators into oversold territory, suggesting that the price is likely to bounce soon.

The initial short term upside price target is $1.60. Over the long term, higher prices are achievable.

National Australia Bank (NAB) – Double Blessed Buy

The up trend from the July 2016 low has lost momentum over the past seven months and the price has been trading sideways, fluctuating between $29.00 and $34.09.

The current down swing has retraced close to its key support of $29.00 where initial buying interest is likely to arise. The RSI and the MACD indicators have reached oversold territory, suggesting that the price is likely to bounce soon.

The initial upside price target is $31.50. Over the long term, higher price levels are achievable.

BlueScope Steel (BSL) – Target reached

In our last update on October 16, 2017 we discussed the likelihood of the price trading higher and recommended clients buy the stock at $12.07.

A strong rally has unfolded over the past month and our upside price target of $14.00 has now been reached.

While at this point there is no reversal signal on the chart and the price could trade higher over the long term, at this point we wont be lifting our price target as we want to see how far the next pull back will unfold.

Woolworths (WOW) - Overbought

Despite breaking lower in early October 2017 the price reversed direction and rebounded quickly over the past two months.

The current price is approaching its key resistance of $27.75 where initial selling pressure is likely to arise. The RSI has reached overbought territory suggesting that the stock is vulnerable to a short term pull back.

The potential downside price target is $25.50. Over the medium term, the price is likely to trade sideways, fluctuating between $24.50 and $27.75.

More information

Morgans clients can login to access all recent technical analysis on companies we cover. If you are interested in finding out more, please contact your nearest Morgans office.

Disclaimer(s): Analyst may own shares in some or all of the companies mentioned.

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.