Technicals | Jul 29 2014
By Michael Gable
Our market finally staged a break-out last week. Up until then, it had been trading in a 3-month range. Now that there appears to be some direction, we should expect the market to push higher into reporting season. In terms of the ASX200, we would be eyeing levels up towards 5700. In today’s report, we take a detailed look at Veda Group ((VED)).
Since peaking in March, you will notice that VED has had a rough time, dropping over 20%. It looked oversold in early June but it struggled to bounce higher, finding lower levels in July. It bounced impressively last week and we could be seeing the beginning of a recovery. It is early days, so more conservative investors would like to at least see a “higher high” which means we need to see it up at $2.10 to be comfortable that the trend is turning.
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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
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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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