Technical Analysis: 14 Oct 2013

About the author:

Violeta Todorova
Author name:
By Violeta Todorova
Job title:
Former Senior Technical Analyst
Date posted:
14 October 2013, 8:57 AM

Commonwealth Bank of Australia (CBA)

CBA has been trading in an up trend over the past two years, which is still technically intact. The latest pull back retraced to its previous support of $70.12, where initial buying interest is likely to arise. Momentum indicators have bounced from oversold levels, suggesting that higher price levels are likely to unfold in the near term.

The potential upside price target is $74.50. Heading higher.

Lend Lease Corporation (LLC)

In our last update on the 27th of August 2013 we recommended buying the stock at $9.42 and our initial upside target of $10.07 has now been reached.

Momentum continues to be strong, the up trend remains intact and we believe that higher prices are likely to unfold in the months ahead. Therefore, we lift our price target to $11.30. Double Blessed Buy.

Macquarie Group (MQG)

MQG has been trading in a strong up trend since July 2012, which remains technically intact. The latest pull back retraced to its previous breakout point of $47.37, where buying support is likely to arise. Momentum indicators are turning positive from oversold levels, suggesting that higher price levels are likely to unfold in the short term.

The first potential upside price target is $50.40, however over the medium term levels towards $53.85 are achievable. Heading higher.

QANTAS Airways (QAN)

QAN has been trading in an up trend since August 2013, which is still technically intact. The latest pull back retraced to its up trend line crossing at $1.36, where initial buying interest is likely to arise. Momentum indicators have turned positive from oversold territory, suggesting that higher prices are likely to unfold in the near term.

The potential upside price target is $1.60. Buy.

Seven Group Holdings (SVW)

In our last update on the 12th of September 2013 we expected some short term share price weakness and recommended clients buy on weakness. The price declined to $7.50 providing a great buying opportunity. Momentum indicators have turned positive from oversold levels, suggesting that higher prices are likely to unfold in the weeks ahead. 

The first potential upside price target is $9.00, however over time higher price levels are achievable. 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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