Technical Analysis: 23 Sept 2013

About the author:

Violeta Todorova
Author name:
By Violeta Todorova
Job title:
Former Senior Technical Analyst
Date posted:
23 September 2013, 9:34 AM

Coca-Cola Amatil (CCL)

The down trend from the July 2013 high has lost momentum over the past month and the price has been trading sideways, fluctuating between $11.88 and $12.55. A break above minor resistance of $12.55 is likely and will trigger a rally to $13.00.

Over the medium term, as long as the price remains within the boundaries of its current consolidation ($11.70 - $13.37) our view on the stock is neutral and we rate it a Hold. Accumulate.

Cochlear (COH)

COH has been trading in a down trend since January 2013, which remains technically intact. The latest rally re-tested its medium term down trend line crossing at $62.00, where initial selling pressure is likely to arise.

Momentum indicators have turned negative from overbought territory, suggesting that the price is likely to pull back in the short term. The potential downside price target is towards $56.00. ST weakness.

DUET Group (DUE)

The down trend from the May 2013 high has lost momentum over the past three months and the price appears to have been in the process of building a large base. The medium term down trend line was broken upwards on Friday, suggesting that higher price levels are likely to unfold in the months ahead. The first potential upside price target is $2.35, however over the medium term higher prices are achievable.

Any weakness in the short term would provide a buying opportunity. Heading higher.

TPG Telecom LTD (TPM)

TPM has been trading in an up trend over the past year, which remains technically intact. The latest rally posted an all time high of $4.57, where inital selling pressure is likely to arise. Momentum indicators have reached strongly overbought territory, pointing to some weakness in the short term.

Given the overbought momentum readings we recommend active clients take profits. ST weakness.

Virgin Australia Holdings (VAH)

VAH has been trading sideways over the past ten months and fluctuating between $0.38 and $0.48. The latest short term rally re-visited its previous resistance of $0.48, where initial selling pressure is likely to arise. Momentum indicators have reached overbought levels also pointing to a pull back in the short term. Therefore, active clients may consider taking some profits.

Over the medium term, as long as the price remains within the boundaries of its current consolidation ($0.38 - $0.48) our view on the stock is neutral and we rate it a Hold. ST weakness.

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.

  • Print this page
  • Copy Link