Technical Analysis: 26 Sept 2013

About the author:

Violeta Todorova
Author name:
By Violeta Todorova
Job title:
Former Senior Technical Analyst
Date posted:
26 September 2013, 10:18 AM

CSL Limited (CSL)

CSL has been trading in a strong up trend since September 2011, which remains firmly intact. Wednesday's price action broke above its short term down trend line, suggesting that the correction from the September 2013 high is over. The RSI and the stochastic indicators have turned positive from oversold territory, suggesting that higher price levels are likely to unfold in the short term.

The potential upside price target is $69.00. Buy.

Woolworths (WOW)

WOW has been trading in an up trend over the past year, which remains technically intact. Wednesday’s price action broke above minor resistance of $35.14, suggesting that the correction from the August 2013 high is over.

The potential upside price target is in the range between $36.80 and $37.00. Heading higher.

Kathmandu Holdings (KMD)

KMD has been trading in a strong up trend channel over the past year, which is still firmly intact. Tuesday's price action broke above key resistance of $2.70, suggesting that higher price levels are likely to unfold in the months ahead.

The potential upside price target based on the breakout is $3.08, however higher price levels are achievable over the long term. Double Blessed Buy.

Brickworks (BKW)

BKW has been trading in an up trend since August 2012, which remains firmly intact. Recent price action broke above key resistance of $13.43, suggesting that higher prices are likely to unfold over the long term. The potential upside price target in the months ahead is $14.50.

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

Leighton Holdings (LEI)

LEI has been trading in an up trend channel since June 2013, which remains technically intact. The latest pull back retraced to its previous support of $18.10, where initial buying interest is likely to arise. The stochastic indicator has reached oversold territory, suggesting that the price is likely to bounce in the short term.

The first potential upside price target is $20.50, however levels towards $22.00 are achievable in the months ahead. 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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