Technical Analysis: 24 Sept 2013

About the author:

Violeta Todorova
Author name:
By Violeta Todorova
Job title:
Former Senior Technical Analyst
Date posted:
24 September 2013, 1:14 PM

Atlas Iron (AGO)

The down trend from the January 2013 high has lost momentum over the past three months and the price has been trading sideways, fluctuating between $0.68 and $1.09. The stochastic indicator has reached oversold territory, suggesting that the stock is likely to bounce in the short term.

The first potential upside price is $0.92, however levels towards $1.05 are achievable in the month(s) ahead. Accumulate.

Amcor (AMC)

On the 19th September 2013 we expected some short term share price weakness and we recommended clients buy on weakness. The price declined to our indicative price range between $10.30 and $10.40, providing a great buying opportunity. Momentum indicators have approached oversold territory, suggesting that higher price levels are likely to unfold in the near term.

The first potential upside price target is $11.00, however over the long term higher price levels are achievable. Buy.

InvoCare Limited (IVC)

The up trend from the October 2008 low has lost momentum over the past four months and the price has been trading sideways, fluctuating between $10.12 and $12.49. The down trend line on the RSI indicator has been broken upwards recently, suggesting that higher price levels are likely to unfold in the weeks ahead. Monday's price action broke above minor resistance of $11.26, indicating that the correction from the July 2013 high is likely to be over. 

The potential upside price target is $12.20. Buy.

QBE Insurance Group (QBE)

The decline from the August 2013 high retraced to its previous support of $14.34, where initial buying interest is likely to arise. Small bullish divergences have formed between the price, the RSO and the stochastic indicators, suggesting that the price is likely to bounce in the short term. 

The first potential upside price target is $15.80, however over the medium term higher price levels are achievable. 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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