“I have commented on Macquarie Group (MQG) a couple of times in the past year as a stock worth buying,” Michael said.

“The shares fell hard last week when the broader market was sold off, so has this negated our technical view?

“Interestingly, the bigger picture hasn’t changed, and Macquarie remains a buying opportunity.

“As the shares headed higher this year, we expected some small resistance near the old high which is just above $210.

“However, because MQG had already done a lot of work during April – June congesting under the old high, there was always a good chance that after an initial pause near $210, it could go on to a new high.

“We can now see that the stock did pause at the old high a few weeks ago and because of last week’s market sell-off, it has come back to successfully retest the recent support level.

“MQG is once again a buying opportunity right here and we expect the shares to trend to new highs,” Michael said.

Macquarie Group (MQG)

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