Technicals | May 09 2023
By Michael Gable
We noted last week that markets, although consolidating in the short-term, still looked bullish overall. This was despite the bearish consensus. Although US markets are still in a tight range, the Australian market is starting to get a move on again, mostly led by the resources.
In this week's report, we have an opportunity in Allkem ((AKE)).
AKE has been forming higher lows since March. It has also formed a level of resistance in the low-to-mid $12's. It now appears to be breaking out of this range and we should now see a sustained uptrend from here. The first target would be near the $14 January peak. Those buying here can consider an initial stop just under $12.
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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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