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Technical analysis: 17 September 2018

Violeta Todorova

Beach Energy (BPT) – target reached

In our last update on August 24, 2018 we discussed the likelihood of the price trading higher in the short term based on the oversold momentum readings. The price has bounced over the past few weeks and our upside price target of $2.00 has almost been reached. While at this point there is no reversal of the short term up swing, we note a slight deterioration in the momentum conditions, therefore we believe the near term upside from here is likely to be limited.

NXTDC (NXT) – tactical buy

In our last update on August 6, 2018 we discussed the oversold nature of the stock and the likelihood of the price rising in the short term. While the price did bounce mildly, the rise was well bellow of our price target of $8.15. A sharp selloff has occurred in early September 2018 pushing the momentum indicators into oversold territory. The down swing has lost momentum over the past week and we see a good probability of the price rising in the near term.

The initial upside price target is $6.80. 

Transurban Group (TCL) – approaching support

TCL has been trading sideways over the past six months, fluctuating between $10.79 and $12.21. The current short term down swing is approaching its key support where buying interest is likely to arise. The momentum indicators have reached oversold territory suggesting that the price is likely to bounce soon.

The initial upside price target is $11.80. Over the medium term, higher price levels are achievable.  

Medibank (MPL) – close to support

MPL has been trading sideways over the past six months fluctuating between $2.79 and $3.39. The current short term down swing has approached its key support 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.

The initial upside price target is $3.10, however higher price levels are achievable over time. 

Lindsay Australia (LAU) – close to support

LAU has been trading sideways over the past year fluctuating between $0.33 and $0.45. The current short term down swing has retraced to its key support where buying interest is likely to arise. The RSI and the MACD indicators have reached oversold territory suggesting that the price is likely to bounce.

The initial upside price target is $0.38, however higher price levels are achievable in the months ahead. 

More information

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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.