This week, Gary Stone from Share Wealth Systems says while the charts are bearish on Altium (ALU), it’s on his likes list.
“ALU’s share price has been in a four month descending triangle, which is typically a bearish formation,” he says. “However, this pattern does a fairly high failure rate when there is a sharp rise above the pattern’s down sloping resistance line, which is what happened on Wednesday and Friday last week. This could lead to ALU making a run to test its all-time high of $9.98. Support is between $7.40 and $7.60 which would be bearish if ALU’s share price fell below this zone.”
Source: Yahoo!7
Stone doesn’t like Ansell (ANN) as its share price is struggling to “break through a strong resistance zone between $24.80 and $25.40”.
“This could see ANN retrace back down to the support zone of $22.10 to $21.40.”
Source: Yahoo!7
Raymond Chan likes Westpac (WBC) this week, stating that its dividend yield “still looks attractive”. Chan expects a good trading update in February.
Source: Yahoo!7
On his dislikes list is Brambles (BXB) following its FY17 guidance last week that disappointed the market.
Source: Yahoo!7
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