Technical Analysis: 3 October 2019

About the author:

Violeta Todorova
Author name:
By Violeta Todorova
Job title:
Senior Technical Analyst
Date posted:
03 October 2019, 4:23 PM

Macquarie Group (MQG) – At resistance

The up trend from the February 2016 low has lost momentum over the past five months and the price has been trading sideways, fluctuating between $114.35 and $136.84.

The current up swing has approached its all-time high of $136.84 where initial selling pressure is likely to arise.

The weekly and daily momentum indicators are turning lower from overbought territory suggesting that the price is likely to pull back in the near term.

The initial downside price target is $123.00.

Tabcorp Holdings (TAH) – Target reached

In our last update on June 19, 2019 we discussed the oversold nature of the stock and the likelihood of the price trading higher in the near term.

A strong rally has unfolded over the past two months and our price target of $4.90 has now been reached.

The RSI and the MACD indicators have reached overbought territory suggesting that the price is likely to pull back in the near term.

The initial downside price target is $4.50.

Over the medium term, our view on the stock remains neutral and we favor further sideways trading.

Panoramic Resources (PAN) – Building a base

The down trend from the June 2018 high has lost momentum and a higher low appears to be forming on the chart.

The stock appears to be finding strong buying support around $0.28 which is a previous level of support and resistance, tested number of times.

The recent price action broke above minor resistance of $0.315 showing that the bulls are becoming increasingly eager.

A subsequent break on a closing basis is likely and could trigger a rally to $0.37.

Domain Holdings Australia (DHG) – At resistance

DHG has been trading in a secondary up trend since February 2019 which is still technically intact.

The current up swing is approaching a band of resistance between $3.64 and $3.98 where selling pressure is likely to arise.

The RSI indicator has 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 readings, we are of the view that the near term upside from here is likely to be limited. 

Mayne Pharma Group (MYX) – Bullish breakout 

MYX has been trading in a down trend since October 2018 which now appears to be reversing direction.

A higher low was established on the daily chart last week and Wednesday’s price action broke above minor resistance of $0.53 suggesting that higher prices are likely to unfold in the month(s) ahead.

The RSI indicator broke above its bear market resistance level of 62% showing that momentum conditions are improving.

The initial upside price target based on the breakout is $0.65, followed by $0.74 over the medium term. 

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.

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