Technical Analysis: 30 November 2020

About the author:

Violeta Todorova
Author name:
By Violeta Todorova
Job title:
Senior Technical Analyst
Date posted:
30 November 2020, 9:30 AM

Mitchell Services (MSV) – Ready to breakout

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

The pull back from the August 2020 high has lost momentum over the past month and a higher low is now clearly in place, which shows that buying pressure started building up.

The RSI indicator remains firmly in the bull market range suggesting that higher prices are likely to unfold in the coming months.

A break above resistance of $0.57 appears to be highly likely, which is likely to trigger a rally to $0.65. Over the long-term, levels to $0.70 are achievable.

Goodman Group (GMG) – Heading higher

GMG has been trading in a strong up trend since March 2020 which is still technically intact.

Despite the strongly overbought weekly and diverging daily momentum conditions, so far the price is correcting in time rather than in price.

The current price action is close to a band of support between $17.61 and $18.14, where initial buying interest is likely to arise.

The stochastic indicator has turned up from oversold territory suggesting that the price could bounce in the short-term.

The potential upside price target is $20.00. Over the medium-term, the stock is likely to take a breather and trade sideways in the coming month(s).

Sonic Healthcare (SHL) – Approaching support

The up trend from the March 2020 low has lost momentum over the past three months and the price has been trading sideways, fluctuating between $31.11 and $38.00.

The current down swing is approaching its support which is an important level to monitor.

The daily RSI and MACD indicators have approached oversold levels suggesting that the price is likely to bounce soon.

The initial upside price target is $35.00. The weekly momentum indicators are still elevated, suggesting that further consolidation is likely in the coming months.

Ramsay Health Care (RHC) – Approaching support

The rebound from the March 2020 low has lost momentum over the past six months and the price has been trading sideways, fluctuating between $61.21 and $70.94.

The current down swing is approaching its support where initial buying interest is likely to arise.

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

The initial upside price target is $68.00.The momentum indicators remain in neutral territory and we favor further consolidation in the coming months.

Empire Energy Group (EEG) – Bullish breakout

EEG has been trading in a strong secondary up trend since March 2020 which is still firmly intact.

The RSI indicator remains in its bull market range suggesting that higher prices are likely to unfold in the coming months.

Friday’s price action broke above minor resistance of $0.40 suggesting that the correction from the October 2020 high is likely to be complete.

The first potential upside price target is $0.45. Over the medium-term, levels to $0.51 appear achievable.

Any short-term share price weakness would provide a buying opportunity.

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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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