Technical Analysis: 4 December 2020

About the author:

Violeta Todorova
Author name:
By Violeta Todorova
Job title:
Senior Technical Analyst
Date posted:
04 December 2020, 8:30 AM

Magellan Financial Group (MFG) – Buy around $56.00

The rally from the March 2020 low has lost momentum over the past five months and the price has been trading sideways, fluctuating between $53.80 and $66.00.

The current short-term down swing is approaching its support, where buying interest is likely to arise.

The RSI indicator is approaching oversold territory suggesting that the price is likely to bounce soon.

We see a great opportunity to buy the stock around $55.00.

The potential short-term upside price target is $65.00. Over the long-term, levels to $73.00 are achievable. Al

liance Aviation Services (AQZ) – Lifting our target

In our last update on the 23rd of October 2020 we discussed the oversold nature of the stock and the likelihood of the price bouncing in the short-term.

A strong rally has unfolded over the past month and our initial upside price target of $3.70 has now been reached.

Thursday’s price action broke above key resistance of $3.77 and has confirmed a continuation rectangle pattern.

The potential upside price target based on the breakout is $4.20.

The weekly and monthly momentum indicators remain firmly in the bull market range, suggesting that the long-term outlook for the stock remains bullish.

CSL Ltd (CSL) – Approaching support

In our last update on the 9th of October 2020 we discussed the bullish structure of the momentum indicators and the likelihood of the price trading higher in the near-term.

A strong rally has unfolded throughout November 2020 and our initial upside price target of $315.00 has now been reached.

The current short-term pull back has retraced to its dynamic support crossing at $292.00 where initial buying interest is likely to arise.

The RSI indicator has approached its bull market support suggesting that the price is likely to bounce soon.

We see the current price levels as attractive to accumulate the stock. Our medium-term upside price target of $330.00 remains unchanged.

PTB Group (PTB) - Accumulate

PTB has been trading in a consistent secondary up trend since March 2020 which is still technically intact.

The rally has lost momentum over the past three months and the price has been trading sideways, fluctuating between $0.65 and $0.79.

The RSI indicator has reached its bull market support suggesting that the current short-term down swing is likely to bounce soon.

The initial upside price target is $0.75. Over the medium-term, levels to $0.85 appear achievable.

Given the proximity to support and the oversold momentum conditions, we see the current price levels as attractive to accumulate the stock.

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Disclaimer: Analyst may own shares. 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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