Technical Analysis: 31 March 2021

About the author:

Violeta Todorova
Author name:
By Violeta Todorova
Job title:
Senior Technical Analyst
Date posted:
31 March 2021, 4:15 PM

Cedar Woods Properties (CWP) – Tracking well

CWP has been trading in a consistent secondary up trend since March 2020 which is still technically intact. The current short-term down swing has retraced to its previous support of $6.75 where initial buying interest is likely to arise.

The RSI indicator has approached oversold territory suggesting that the price is likely to bounce soon. The first potential upside price target is $7.70.

Over the medium-term, levels to $8.20 are achievable. As long as support of $6.75 holds the secondary up trend remains intact and the outlook for the stock is positive.

HUB24 (HUB) – Double Blessed Buy

The secondary up trend from the March 2020 low has lost momentum over the past five months and the price has been trading sideways, fluctuating between $19.09 and $27.80.

The current short-term down swing has retraced close to its previous support where initial buying interest is likely to arise. The RSI indicator has approached oversold territory suggesting that the price is likely to bounce soon.

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

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

Zip Co (Z1P) – Double Blessed Buy

Z1P has been trading in a secondary up trend since March 2020 which is still technically intact.

The current short-term down swing has retraced close to its medium-term up trend line crossing at $6.30 where buying interest is likely to be strong.

The RSI and the MACD indicators have approached oversold territory suggesting that the price is likely to bounce soon.

Given the proximity to dynamic support and to oversold momentum territory, we see the current share price weakness as an opportunity to buy the stock.

The first potential upside price target is $10.00. Over the medium-term, levels to $12.00 appear easily achievable.

Stockland (SGP) – Tracking well

The up trend from the March 2020 low has lost momentum over the past five months and the price has been trading sideways, fluctuating between $4.07 and $4.82.

The RSI indicator remains in its bull market range showing that momentum is still strong. The higher lows on the daily chart are an encouraging sign suggesting that higher price levels are likely to unfold in the months ahead.

The first potential upside price target is $4.80. Over the medium-term, levels to $5.20 are achievable.

The Star Entertainment Group (SGR) – Tracking well

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

The up trend has lost momentum over the past five months and the price has been trading sideways, fluctuating within the boundaries of an ascending triangle.

The pattern has bullish prognosis and points to higher price levels in the coming months. A break above resistance of $4.10 is highly likely and is the required to validate the pattern.

The first potential upside price target is $4.50. Over the long-term, levels to $5.00 are achievable.

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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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