Westfield On The Move Up

This story features WESFARMERS LIMITED, and other companies. For more info SHARE ANALYSIS: WES

By Michael Gable 

This week is a fairly busy one for the big cap stocks with a number of events occurring. We have Wesfarmers ((WES)) quarterly sales this morning. The stock looks like it may have broken out to the topside so today’s price action will let us know whether it wants to run harder or if last week’s move is simply a false break. Woolworths ((WOW)) follows up on Wednesday, with the Woodside Petroleum ((WPL)) AGM also taking place the same day. Interim results for ANZ Bank ((ANZ)) are on Thursday and full year results for Macquarie Group ((MQG)) on Friday. A potential spike up in the ANZ share price will provide an opportunity to write a covered call, just like last November after the full year results. Last week’s quarterly numbers for ResMed ((RMD)) saw the price shoot up after we tipped it last Tuesday, so even at these levels we still believe that it is a buying opportunity. Today we look at Westfield Group ((WDC)).
 

Westfield Group

 

WDC starting correcting back from its uptrend a year ago where it reached a high of $12.55. This short term downtrend saw the share price fall over 20%. In February it managed to break out of that correction. Having spent most of March retesting that short term downtrend line, WDC is on the move again. There is some resistance up at $11, so clearing that should see the stock head to over $12 again.
 

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Michael Gable is managing Director of  Fairmont Equities (www.fairmontequities.com)

Michael assists investors to achieve their goals by providing advice ranging from short term trading to longer term portfolio management, 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

Disclaimer

Michael Gable is an Authorised Representative (No. 376892) and Fairmont Equities Pty Ltd is a Corporate Authorised Representative (No. 444397) of Novus Capital Limited (AFS Licence No. 238168). 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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