Technical Analysis: 11 Oct 2013

About the author:

Violeta Todorova
Author name:
By Violeta Todorova
Job title:
Former Senior Technical Analyst
Date posted:
11 October 2013, 9:22 AM

M2 Telecommunications (MTU)

MTU has been trading in an up trend over the past year, which remains technically intact. The latest pull back retraced to its previous support of $5.53, where initial support is likely to hold. Momentum indicators are turning positive from oversold territory, suggesting that the price is likely to bounce in the short term.

The potential upside price target is in the range between $6.30 and $6.40. Double Blessed Buy.

PanAust (PNA)

PNA has been trading in a correction mode since late September 2013 and the down swing is still in play. The price retraced close to its band of support between $1.84 and $1.73, where initial buying interest is likely to arise. Momentum indicators have entered oversold territory, suggesting that the price is likely to bounce soon.

The first potential upside price target is $2.15, however levels towards $2.35 are achievable. Double Blessed Buy.

Rio Tinto (RIO)

RIO has been trading in an up trend since June 2013, which remains technically intact. The current pull back retraced to its previous resistance of $59.40, where initial buying interest is likely to arise. Momentum indicators have approached oversold territory, suggesting that the price is likely to bounce soon.

The first potential upside price target is $64.00, however over the medium term levels towards $71.00 are achievable. Double Blessed Buy.

Super Retail Group (SUL)

SUL has been trading in a strong up trend over the past two years, which is still technically intact. The latest pull back retraced to its medium term up trend line crossing at $12.25, where initial buying interest is likely to arise. Momentum indicators have approached oversold territory, suggesting that the price is likely to bounce in the short term.

The first potential upside price target is $13.40, however levels towards $13.90 are achievable over time. Double Blessed Buy.

If you are interested in any of these stocks, 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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