By Chris Becker
Here’s a few Aussie stocks I’m watching a bit closer this week from several points of view, including technical, event and fundamental. I’m using a filtered watchlist here, so plenty of volume and depth of market, but some might be labelled “speculative”.
Austbrokers Holdings (AUB) has had a marvellous run these past two years, which ended in a normal correction phase of 20% or so in recent months. It looks like support is building again for another leg up with a solid 7% performance last week. A close above $11 and a stop-loss just below $10 seems like a good risk/return setup:
Blackmores (BKL) There’s a potential breakout brewing on weekly charts for the healthgoods stock. After a very solid quarterly result in late April (which followed a huge turnaround from the half yearly profit print), the stock has been range bound and unable to attain new bids above $28 per share. With declining volume it seems like accumulation is over in BKL, and a higher AUD maybe weighing on sentiment on pushing it further up. Watch the $28 space and check out those bases or steps forming on the daily chart:
Coca Cola Amatil (CCL) has not had a good run of late due to cost overruns, too high AUD and a big shareholder dumping the stock, seeing it fall 40% in the past 12 months. I’ve seen some bumpf around the traps that it now represents a bargain – sure, at this price and yield it looks good. But technically, any fall below $9 will see the last shareholders holding out moving to running out on capitulation. There maybe a small long swing forming on the hourly charts but its very weak..
FSA – last week the debt service company upwardly revised its NPAT forecast, with the price rallying over 10% for the week, which sets the stage for another legup following its correction earlier this year. It looks like this breakout will follow through with a target up to $1.50-$1.55 range:
Thorn Group (TGA) made a recent upward revision to forecast revenue which the market loved but it may have gotten ahead of itself here. The weekly trend remains firmly up but a small correction could help those wanting to add or start a position at a better risk/reward point in the next couple of weeks. Watch the trendline and $2.20 to $2.27 zone for any sign of lack of support and a bid over $2.35 as a very good sign.
