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Blog

Technical update: 5 March 2018

Violeta Todorova

Apollo Tourism & Leisure (ATL) – accumulate

ATL has been trading in an uptrend since listing in November 2016 which remains technically intact. The current pull back is approaching its static and dynamic support of $1.50, where initial buying interest is likely to arise. The momentum indicators are approaching oversold territory, suggesting that the price is likely to bounce soon.

The first potential upside price target is $1.75, followed by $1.90 in the months ahead.

Cochlear (COH) – overbought

COH has been trading in a strong primary up trend over the past year which is still technically intact. The current short term up swing has rebounded close to its previous resistance of $187.60 where initial selling pressure is likely to arise. The RSI and the MACD indicators have reached overbought territory suggesting that the stock is vulnerable to a short term pull back.

The potential downside price target is $170.00.

Insurance Australia Group (IAG) – overbought

IAG has been trading in a strong up trend over the past year which is still technically intact. The price action bounced strongly over the past two weeks posting a record high of $8.37 on February 23, 2018. The RSI and the MACD indicators have reached overbought territory suggesting that the stock is vulnerable to a pull back in the short term. 

The potential downside price target is $7.60.

Kina Securities (KSL) – lifting our price target

In our last update on December 28, 2017 we discussed the likelihood of the price trading higher and recommended clients buy the stock at $0.73. A strong rally has unfolded over the past week and our initial upside price target of $0.86 has now been reached. There is significant improvement in the momentum conditions and we favour higher prices over the medium term.

We lift our price target to $0.95.

Domino's Pizza (DMP) – tactical buy

DMP has been trading in a down trend over the past year which is still technically intact. The current short term down swing retraced marginally below its previous support of $39.50 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 potential short term upside price target is $44.00.

More information

Morgans clients can login to view all recent technical analysis on companies we cover by browsing the research section and filtering by 'technical analysis' in the Market Updates section. 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.