Technicals | Dec 04 2012
This story features AMP LIMITED. For more info SHARE ANALYSIS: AMP
By Michael Gable
With the interest rate decision later today, we should expect a choppy session. The chances are currently rated at 90%, but there is the small chance that encouraging PMI figures out of China could give the RBA reason to pause.
In terms of potential long positions today, I like the look of AMP ((AMP)) and Fairfax Media(( FXJ)) for at least the medium term, and Imdex ((IMD)) and NRW Holdings ((NWH)) appear to offer good trading opportunities. If Perpetual ((PPT)) reverses here, it could provide a short opportunity, which could be nicely paired with a long AMP position.
ASX 200
The bounce off the 4350 level continues as the market pushes through my last two resistance levels. What we need to see now is consolidation in the index just below the October high. If it can do that and use up some more time, then we can get bullish on the market pushing higher. What we don’t want to see is a sharp move down at some point this week. That would result in the market heading back to lower levels under 4350.
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Visit Michael Gable's website at www.michaelgable.com.au/.
After leaving Macquarie Bank's Securities Group in 2008 after many years of service, Michael has gained a highly regarded reputation in the financial services industry. As a Private Client Adviser with Novus Capital, Michael has become a popular live commentator and analyst for Sky News Business Channel’s “Your Money, Your Call” program. He is also the author of the weekly stock market report “The Dynamic Investor”.
Michael assists investors to achieve their goals by providing advice ranging from short term trading to longer term portfolio management.
Michael deals in all ASX listed securities and specialises in covered call writing to help long term investors protect their share portfolios and generate additional income.
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
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