“The share price of MQG took a tumble in early May as their financial year 2022 result was fairly cautious on the outlook for the rest of the year,” Michael said.
“In the past few weeks, however, its trading profile has indicated to me that these may be good levels to now pick up some shares.
“Since late last year, MQG has been trading in a range between about $175 and $210.
“In early May, it fell quite heavily on large volume to the bottom of that range. After tracking sideways for a couple of weeks, it then gapped up earlier this week.
“Despite some market weakness since then, it has managed to hold on quite well.
“It, therefore, appears as though MQG has found good support and is ready to move back up towards the top of the range again.
“If it can eventually break above the top of the range, then it should go on trending higher again,” Michael concluded.
Macquarie Group Limited (MQG)
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