Technical Analysis: 4 Oct 2013

About the author:

Violeta Todorova
Author name:
By Violeta Todorova
Job title:
Former Senior Technical Analyst
Date posted:
04 October 2013, 9:43 AM

ANZ Banking Group (ANZ)

ANZ has been trading in an up trend channel since June 2013, which remains technically intact. The latest pull back retraced to its up trend line crossing at $30.30, where initial buying interest is likely to arise. The stochastic and the RSI indicators have turned positive from oversold territory, pointing to a likely bounce in the short term. 

The potential short term upside price target is in the range between $32.00 and $32.10. Accumulate.

BHP Billiton (BHP)

The up trend from the June 2013 low has lost momentum over the past six weeks and the price has been trading sideways. The latest pull back retraced close to its previous support of $34.70, where initial buying interest is likely to arise. The RSI and the stochastic indicators have approached oversold levels, suggesting that the price is likely to bounce in the short term. 

The first potential upside price target is $37.40, however levels towards $39.00 are achievable over the medium term. Double Blessed Buy.

Crown (CWN)

Crown has been trading in an up trend over the past two years, which remains firmly intact. Thursday’s price action broke on an intra-day basis resistance of $16.08, suggesting that higher price levels are likely to unfold in the short term. 

The potential short term upside price target is $17.00. Heading higher.

Macquarie Group (MQG)

Macquarie Group has been trading in an up trend since September 2011, which is still technically intact. The latest pull back retraced to its previous breakout point crossing at $47.37, where initial buying interest is likely to arise. The stochastic indicator has turned positive form oversold territory, pointing to higher price levels 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.

Suncorp Group (SUN)

SUN has been trading in a strong up trend since June 2012, which remains technically intact. The latest pull back retraced close to its previous breakout point of $12.78, 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 $13.50, however levels towards $14.00 are achievable over time. Accumulate.

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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