Technical Analysis: 30 Sept 2013

About the author:

Violeta Todorova
Author name:
By Violeta Todorova
Job title:
Former Senior Technical Analyst
Date posted:
30 September 2013, 9:40 AM

Ansell (ANN)

Ansell has been trading in a strong up trend since April 2013, which remains firmly intact. 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 first potential upside price target is $22.00, however over the longer term higher price levels are achievable. Heading higher.

Cabcharge Australia (CAB)

The decline from the August 2013 high has retraced to its key support of $3.57, where initial buying is likely to arise. Momentum indicators have reached oversold territory, suggesting that higher price levels are likely to unfold in the near term.

The first potential upside price target is $4.20, however levels towards $4.40 are achievable in the months ahead. Heading higher.

Harvey Norman Holdings (HVN)

Harvey Norman has been trading in a strong up trend since December 2012, which remains firmly intact. Momentum indicators have entered into the bull market range, suggesting that the stock is trading in a primary up trend. Recent price action broke above resistance of $3.24 indicating that higher price levels are likely to unfold in the months ahead. The potential long term upside price target is $3.95.

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

Investa Office Fund (IOF)

Investa Office Fund has been trading in an up trend channel since June 2013, which remains firmly intact. The RSI and the stochastic indicators have turned positive from oversold territory, suggesting that higher price levels are likely to unfold in the near term.

The first potential upside price target is $3.20, however over the medium term levels towards $3.30 - $3.409 are achievable. Buy.

Sonic Healthcare (SHL)

Sonic Healthcare has been trading in an up trend since February 2013, which remains technically intact. Friday's price action broke above key resistance of $16.31 on an intra-day basis, showing that momentum is ramping up. A decisive break on a closing basis is likely, which will confirm the continuation of the secondary up trend.

The first potential upside price target is $17.00, however over the long term levels towards $18.00 are achievable. Double blessed: LT 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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