Technical Analysis: 11 March 2021

About the author:

Violeta Todorova
Author name:
By Violeta Todorova
Job title:
Senior Technical Analyst
Date posted:
11 March 2021, 10:00 AM

HUB24 (HUB) - Accumulate

The secondary up trend from the March 2020 low has lost momentum over the past three weeks and the price has been trading in a correction mode.

The down swing has retraced to its previous support/resistance of $18.84 where initial buying interest is likely to arise.

The daily RSI and MACD indicators have reached oversold territory suggesting that the price is likely to bounce in the short-term.

The first potential upside price target is $24.00, over the medium-term levels to $27.00 are achievable.

Given the proximity to support and the oversold momentum levels, we see the current price levels as attractive to accumulate the stock.

Centuria Office REIT (COF) – Double Blessed Buy

The rebound from the March 2020 low has lost momentum over the past ten months and the price has been trading sideways, fluctuating between $1.83 and $2.36.

The latest down swing has retraced close to its support, where the price has been in the process of building a small base over the past month.

The down trend line on the leading RSI indicator has been broken upwards recently suggesting that the price is likely to bounce in the weeks ahead.

The stochastic indicator has turned up from oversold levels also pointing to a likely bounce in the short-term. The first potential upside price target is $2.20 followed by $2.35.

Given the proximity to support and to oversold momentum levels, we see the current price levels as attractive to buy the stock.

Mach7 Technologies (M7T) – Approaching support

M7T has been trading within the boundaries of an up trend channel since March 2020 which is still technically intact.

The current short-term pull back has retraced to its secondary up trend line crossing at $1.20 which is likely to act as a dynamic support for the stock.

The RSI and the MACD indicators have reached oversold levels suggesting that the correction might be approaching a turning point.

Given the proximity to dynamic support and the oversold momentum conditions, we see the current share price weakness as an opportunity to accumulate the stock. The potential upside price target is $1.60.

Emeco Holdings (EHL) - Accumulate

EHL has been trading sideways over the past ten months fluctuating between $0.73 and $1.25.

The current short-term down swing has retraced to its previous support of $1.00 where buying interest is likely to start building up.

The RSI indicator has reached its support at 36% suggesting that the price is likely to bounce in the short-term. The potential upside price target is $1.25.

The weekly momentum indicators remain in neutral territory and over the medium-term we favour further consolidation.

Given the proximity to support and the oversold momentum levels, we see the current prices as attractive to accumulate the stock.

Acrow Formwork and Construction Services (ACF)

The up trend from the March 2020 low has lost momentum over the past three months and the price has been trading sideways, fluctuating between $0.31 and $0.41.

The current down swing has retraced to its previous support of $0.31, where strong buying interest has been building over the past week.

The RSI indicator has bounce off oversold levels suggesting that the price is likely to rally in the short-term.

The first potential upside price target is $0.38 followed by $0.41. We see the current short-term pull back presenting a great opportunity to buy the stock.

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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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