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Technical Analysis: 13 January 2019

Violeta Todorova

Newcrest Mining (NCM) - approaching resistance

NCM has been trading sideways over the past two years, fluctuating between $18.57 and $25.33. The current up swing is approaching its band of resistance between $24.27 and $25.33 where initial selling pressure is likely to arise.

The RSI and the MACD indicators have reached overbought territory suggesting that the near term upside from here is likely to be limited and that the price is vulnerable to a short term pull back. 

Aurizon Holdings (AZJ) - approaching resistance 

The down trend from the June 2017 high has lost momentum over the past three months and the price has been trading sideways, fluctuating between $3.90 and $4.60. The current short term up swing is approaching its band of resistance between $4.48 and $4.60 where initial selling pressure is likely to arise.

The RSI is approaching overbought territory suggesting that the near term upside from here is likely to be limited. 

Jumbo Interactive (JIN) - lose to resistance 

The up trend from the February 2017 low has lost momentum over the past few months and the price has been trading sideways, fluctuating between $6.41 and $8.75. The current short term up swing is approaching its resistance of $8.75 where initial selling pressure is likely to arise.

The RSI and the stochastic indicators are approaching overbought territory suggesting that the near term upside from here is likely to be limited. 

Spark Infrastructure (SKI) - at resistance

The down trend from the June 2017 high has lost momentum over the past seven months and the price has been trading sideways, fluctuating between $2.12 and $2.44.The current short term up swing has approached its band of resistance between $2.39 and $2.44 where initial selling pressure is likely to arise.

The RSI and the stochastic indicators are close to overbought territory suggesting that the near term upside from here is likely to be limited and that the price is vulnerable to a short term pull back.

AMP Ltd (AMP) - overbought

The down trend from the March 2018 high has lost momentum over the past two months and the price has been trading sideways, fluctuating between $2.24 and $2.77. The current short term up swing is approaching its resistance of $2.77 where initial selling pressure is likely to arise.

The RSI indicator has reached overbought territory suggesting that the near term upside from here is likely to be limited and that the price is vulnerable to a short term pull back.

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.