Technical Analysis: 8 April 2021

About the author:

Violeta Todorova
Author name:
By Violeta Todorova
Job title:
Senior Technical Analyst
Date posted:
08 April 2021, 11:00 AM

Karoon Energy (KAR) – Tracking well

KAR has been trading in a strong secondary up trend over the past year fluctuating within the boundaries of an up trend channel.

The current short-term pull back has retraced close to its up trend line crossing at $1.02 where initial buying interest is likely to arise.

The RSI indicator has declined to its bull market support suggesting that buying interest is likely to start building up.

The down swing has lost momentum over the past week and the price has been fluctuating within the boundaries of a narrow range.

A break above minor resistance of $1.12 would signal that the correction is over and is likely to trigger a rally to $1.25.

At this stage our view on the stock remains positive over the long-term, and we are of the view that levels to $1.40 are achievable.

Charter Hall Social Infrastructure REIT (CQE)

CQE has been trading in a steady secondary up trend since March 2020 which is still technically intact. The recent pull back has lost momentum and the price has been trading sideways over the past two months.

Wednesday’s price action broke on an intra-day basis above minor resistance of $3.21 suggesting that higher prices are likely to unfold in the weeks ahead. The first potential upside price target is $3.40.

The weekly and daily momentum conditions remain constructive at this point, therefore or view on the stock in the coming months is positive. Over the medium-term, we see levels to $3.60 as achievable.

Charter Hall Retail REIT (CQR) – Bullish breakout

CQR has been trading in a steady secondary up trend since March 2020, fluctuating within the boundaries of an up trend channel.

The latest correction within the larger frame up trend has lost momentum over the past two months and the price has been trading sideways in the shape of a bullish ascending triangle.

The current short-term up swing decisively broke above resistance of $3.82, providing the required confirmation for the pattern and suggesting that higher price levels are likely to unfold in the month(s) ahead.

The first potential upside price target is $4.20, followed by $4.40 over the medium-term.

Smartgroup (SIQ) – Bullish breakout

SIQ has been trading within the boundaries of a slow but steady up trend channel since March 2020 which is still technically intact.

The recent down swing has retraced to its medium-term up trend line crossing at $6.00 where support appears solid and is likely to hold.

A higher low has formed on the daily chart over the past week, showing that the buyers are stepping in.

Wednesday’s price action broke minor resistance of $6.58 suggesting that the correction is now complete and that higher price levels are likely to unfold in the coming weeks.

The first potential upside price target is $7.20 followed by $7.70 in the months ahead.

APN Industria REIT (ADI) – Tracking well

ADI has been trading in a consistent secondary up trend over the past year which is still firmly intact.

The up trend has lost momentum over the past four months and the price has been trading sideways, showing the trend is taking a breather.

The daily RSI indicator remains firmly in its bull market range and has approached oversold levels, showing that the price is likely to bounce soon and trade higher in the coming months.

We are of the view that the stock is gathering momentum to break above minor resistance of $3.10 and extend its rally to $3.25.

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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.


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