Technical Analysis: 29 April 2021

About the author:

Violeta Todorova
Author name:
By Violeta Todorova
Job title:
Senior Technical Analyst
Date posted:
29 April 2021, 11:30 AM

Ansell (ANN) – Lifting our target

In our last update on the 21st of January 2021 we discussed the bullish implications from the breakout and the likelihood of the price trading higher over the medium-term.

A slow but consistent rally has unfolded over the past few months and our upside price target of $42.00 has now been reached.

The price action and the momentum conditions remain constructive at this point and we see a good probability of the up trend extending further in the coming months.

We are of the view that subsequently key resistance of $43.17 is likely to be broken, which could trigger a rally to $45.00 over the medium-term. Any short-term share price weakness would provide an opportunity to add to positions.

ResMed Inc (RMD) – Lifting our target

In our last update on the 5th of March 2021 we discussed the oversold momentum conditions, the proximity to key support and the likelihood of the price trading higher in the near-term.

A strong rally has unfolded over the past month and our second upside price target of $28.00 has almost been reached.

The price action, the weekly and daily momentum conditions remain constructive at this point and we favour further extension of the rally in the months ahead.

Therefore, we lift our medium-term upside price target to $29.50.

Kogan.com (KGN) - Buy

After reaching a record high of $25.57 and strongly overbought and divergent momentum conditions in October 2020 a deep secondary down trend took place.

The price retraced to its previous key resistance of $10.00 where initial buying interest is likely to arise.

The weekly and daily momentum indicators have reached oversold levels suggesting that the price is likely to rebound in the near-term.

The first potential upside price target is $13.00 followed by $16.00 over the medium-term.

Given the proximity to previous resistance and the oversold momentum reading, we are comfortable to buy the stock around current price levels.

Bapcor (BAP) – Target reached

In our last update on the 17th of December 2020 we discussed number of bullish developments in the leading momentum indicators and the likelihood of the price trading higher in the near-term.

A strong rally has unfolded over the past month and our price target of $8.50 has almost been reached for a second time.

A clear trading range has been established over the past six months and we are of the view that strong selling pressure arising around key resistance of $8.53.

The RSI and the stochastic indicators have turned down from overbought levels suggesting that the price is likely to pull back in the short-term.

The initial downside price target is $7.40. Over the medium-term our view on the stock is neutral and we favor further sideways trading in the months ahead.

Accent Group (AX1) - Overbought

AX1 has been trading in a strong up trend since March 2020 which is still technically intact.

The current upswing decisively broke above its key resistance of $2.53 and the price target based on the breakout of $2.93 has now been reached and exceeded.

The weekly and daily RSI indicator has reached strongly overbought territory suggesting that the price is likely to pull back in the short-term. The potential downside price target is $2.65.

Although at this point there is no clear reversal signal, given the overbought weekly momentum conditions, we are of the view that the up trend is likely to take a breather in the months ahead.

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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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