Go Harvey Go!

This story features HARVEY NORMAN HOLDINGS LIMITED. For more info SHARE ANALYSIS: HVN

By Michael Gable 

The Australian share market has managed to continue trending higher over the past week but this coming week could prove to be interesting.

On the one hand, we have some negativity from the overseas tech sector on the back of NVIDIA’s drop of nearly -17%.

On the other hand, the broader S&P500 Index was off the lows of the day and the Dow Jones Index finished in positive territory last night.

Locally, we have the latest quarterly CPI numbers due out on Wednesday morning. This is being closely watched as the final major data-point before the RBA decides in February whether to cut interest rates or not.

As the S&P/ASX200 Index gets close to the December high, it might use this week to take a little breather before it is ready to push to new highs again.

Today, we offer a technical view on Harvey Norman ((HVN)).

HVN has spent almost the past year trading sideways and forming a clear line of resistance along the way. Last week,

it broke above resistance (circled). This breakout is a buying opportunity and HVN should start trending higher from here.

Initial stops can be considered back near $4.60.

Content included in this article is not by association the view of FNArena (see our disclaimer).
 
Michael Gable is managing Director of  Fairmont Equities (www.fairmontequities.com)

Fairmont Equities is a share advisory firm assisting Private Clients with the professional management of their share portfolio. We are based in the Sydney CBD but provide services to private clients across Australia. We believe that the concepts of fundamental analysis and technical analysis of stocks are not mutually exclusive. Regardless of whether you are a trader or long term investor, combining both methods is crucial to success. As a result, the unique analysis of Fairmont Equities is featured regularly in the media such as Sky News Business, CNBC, The Australian Financial Review, and the ASX newsletter. Contact us for a free trial of our research and information on our portfolio management services. 

Michael is RG146 Accredited and holds the following formal qualifications:

Bachelor of Engineering, Hons. (University of Sydney) 
Bachelor of Commerce (University of Sydney) 
Diploma of Mortgage Lending (Finsia) 
Diploma of Financial Services [Financial Planning] (Finsia) 
Completion of ASX Accredited Derivatives Adviser Levels 1 & 2

Disclaimer

Fairmont Equities Australia (ACN 615 592 802) is a holder of an Australian Financial Services License (No. 494022). The information contained in this report is general information only and is copy write to Fairmont Equities. Fairmont Equities reserves all intellectual property rights. This report should not be interpreted as one that provides personal financial or investment advice. Any examples presented are for illustration purposes only. Past performance is not a reliable indicator of future performance. No person, persons or organisation should invest monies or take action on the reliance of the material contained in this report, but instead should satisfy themselves independently (whether by expert advice or others) of the appropriateness of any such action. Fairmont Equities, it directors and/or officers accept no responsibility for the accuracy, completeness or timeliness of the information contained in the report.
 

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