“Aristocrat is one of our favourite stocks and one that I have recommended here in the past,” Michael said.
“It has had a great looking uptrend since the lows in March 2020, and it looks set to continue higher.
“The past few months have seen a lot of volatility in the share market, and the ALL chart was starting to look a bit negative during September – October.
“It then found support in early October around $44. Doing this above the June high was a positive sign.
“We then had the news of an acquisition on a capital raising.
“Ordinarily this can be a negative for the share price. Instead, we saw ALL jump to a new high and hold onto those levels.
“This sort of price action is very bullish and it tells us that the market is very happy with this new purchase.
“By remaining in an uptrend on the back of some positive news, we can be confident that ALL shares are set to continue higher from here,” Michael concluded.
Aristocrat Leisure Limited (ALL)
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