“I last commented on Macquarie Group (MQG) in early November when it was trading near $160 and noted that price action was looking very positive because of the way the market had reacted to what seemed like bad news,” Michael said.
“MQG shares have traded well since then, but recent market weakness is providing us with another buying opportunity.
“Once again, I can see some interesting buying support for the stock.
“After rallying from the lows in early November, it then broke the downtrend line in late December, which was up near $180.
“MQG then continued to rally, moving higher from that $180 area to about $200.
“It has now come back to retest that $180 area and is looking oversold on some momentum indicators.
“Combined with the dip in February, we now have a double bottom (arrows) within an up trending stock, which is a bullish sign.
“This is now another buying opportunity, as MQG is likely to resume its uptrend from here and retest its old high above $210,” Michael said.
Macquarie Group (MQG)
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