Stockbroking | Wealth Management | Corporate Advice

x

Resizing text on the web

To increase or decrease the magnification of a web page, press Ctrl and '+' (plus) to zoom in or Ctrl and '-' (minus) to zoom out. To return the page to its original size, press Ctrl + 0.

You can also scroll the mouse wheel up and down while holding Ctrl to increase/decrease zoom level.

Blog

Technical Analysis: 1 April 2019

Violeta Todorova

Shine Corporate (SHJ) – building a base

The decline from the May 2018 high has lost momentum over the past month and the price has been trading sideways, fluctuating between $0.61 and $0.75. A higher low appears to be forming on the daily chart showing that buying interest is building up. A break above resistance of $0.75 is likely and will confirm that the down trend is over.

The potential upside price target based on the breakout is $0.85.

Lendlease Group (LLC) – improvement in momentum

LLC has been trading in a down trend since August 2018 which now appears to be losing momentum. A higher low appears to be forming on the daily chart showing that buying interest is building up. The RSI turned up from oversold territory suggesting that the price is likely to bounce in the near term.

The first potential upside price target is $14.00. Over the medium term, levels to $15.00 are achievable.

Reliance Worldwide (RWC) – short term bounce 

RWC has been trading in a down trend since August 2018 which is still technically intact. The current down swing has retraced to its previous support of $4.18 where initial 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 $4.70. The equal low is the first encouraging sign that the downtrend is losing momentum, however we need to see improvement in momentum before we get confident that the down trend is reversing.

We will keep a close eye on how the price unfolds in the month(s) ahead and provide an update in due course.

Imdex (IMD) – tactical buy

The primary up trend has lost momentum over the past year and the price has been trading sideways, fluctuating between $0.92 and $1.40. The recent downswing has retraced to its key support of $0.92 from where the price bounced strongly on Friday. The RSI and the stochastic indicators have turned positive from oversold territory suggesting that the price is likely to trade higher in the short term.

The potential upside price target is $1.20.

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: 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.