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Technical Analysis: 29 April 2019

Violeta Todorova

Evolution Mining (EVN) – short term buy

After posting a record high of $4.08 in February 2019 the price has lost momentum and has been trading in a correction mode since then. The latest down swing has retraced to its channel line crossing at $3.10 where initial buying interest is likely to arise. The RSI and the stochastic indicators have turned higher from oversold territory suggesting that the price is likely to bounce in the short term.

The potential upside price target is $3.60.

Northern Star (NST) – short term buy

In our last update on January 4, 2019 we discussed the likelihood of the price declining in the short term and recommended clients trim positions at $9.57. The current short term down swing has retraced close to a band of support between $7.63 and $7.95 where initial buying interest is likely to arise. The RSI and the stochastic indicators have approached oversold territory suggesting that the price is likely to bounce in the short term.

The potential upside price target is $9.00.

Orocobre (ORE) – short term buy

The down trend from the January 2018 high appears to have lost momentum over the past four months and the price has been trading sideways, fluctuating between $2.91 and $4.04. The current short term down swing has retraced to its minor support of $3.19 where initial buying interest is likely to arise. The RSI indicator has approached oversold territory suggesting that the price is likely to bounce soon.

The initial upside price target is $3.65.

Vocus Communications (VOC) – overbought

VOC has been trading in a strong up trend over the past year which is still technically intact. The weekly and daily RSI indicator readings have reached overbought territory suggesting that the price is vulnerable to a short term pull back.

Given the proximity to key resistance and the overbought momentum conditions, the near term upside from here is likely to be limited.

Credit Corp (CCP) – at resistance

CCP has been trading in a strong up trend since December 2018 which is still technically intact. The current upswing has rebounded to its multiple resistance of $23.99 where initial selling pressure is likely to arise.

Although at this point there is no reversal signal evident on the daily chart, given the proximity to key resistance and overbought momentum levels, we are of the view that the near term upside from here is likely to be limited.

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.