Technical Analysis: 3 Oct 2013

About the author:

Violeta Todorova
Author name:
By Violeta Todorova
Job title:
Former Senior Technical Analyst
Date posted:
03 October 2013, 9:32 AM

Ainsworth Game Technology (AGI)

Ainsworth has been trading in a strong up trend over the past two years, which remains firmly intact. Wednesday's price action broke above key resistance of $4.42, suggesting that higher price levels are likely to unfold over the long term. 

The first potential upside price target is $4.80, however much higher price levels are achievable over the long term. Bullish breakout.

BlueScope Steel (BSL)

The up trend from the July 2012 low has lost momentum over the past four months and the price has been trading sideways, fluctuating between $4.22 and $5.63. The latest pull back retraced close to its previous support of $4.22, where initial buying interest is likely to arise. Momentum indicators have turned positive from oversold territory, suggesting that the price is likely to bounce in the short term.

The potential upside price target is $5.30. ST Buy.

Twenty-First Century Fox (FOX)

In our last update on the 13th of September 2013 we recommended buying the stock at $35.10 and our upside price target of $36.20 has now been reached. Wednesday’s price action broke above resistance of $36.22 confirming a rectangle pattern. The potential upside price target based on the breakout is $38.19.

Any weakness in the short term should be considered a buying opportunity. Bullish breakout.

Silex Systems (SLX)

The down trend from the September 2012 high has lost momentum over the past three months and the price has been in a recovery mode ever since. Tuesday’s price action decisively broke above resistance of $2.74, suggesting that higher prices are likely to unfold in the near term. The first potential upside price target is $3.10, however over time levels towards $3.30 are achievable. In the very short term, the price may experience a mild pull back as the stochastic indicator is in overbought territory.

Any weakness in the short term would provide a buying opportunity. Double Blessed. Buy on weakness.

Tap Oil (TAP)

TAP has been trading in a down trend since April 2012, which now appears to be at a turning point. Recent price action broke above its long term down trend line (blue line) and its key resistance of $0.59, suggesting that higher price levels are likely to unfold over the medium term. The potential upside price target in the month(s) ahead is $0.70.

Any weakness in the short term would provide a buying opportunity. Bullish breakout.

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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