Technicals | Jan 23 2024
This story features RESMED INC. For more info SHARE ANALYSIS: RMD
By Michael Gable
The S&P500 Index is breaking to a new high, and that bodes well for stocks.
The Australian market has also bounced nicely in the past couple of days and it looks like we will be retesting that key 7600 area in the next several weeks. Our observation is that the banks have held up very well recently, so to do this during a soft period in the market is a sign of great buying support.
Analysts appear to be neutral at best on the financials, so we are suggesting that 2024 could be better than expected for the banks.
We have looked at ResMed ((RMD)) a couple of times since October and noted that it had formed a low and was due to head higher again. Recent price action has seen it consolidate at the end of December and then break higher again on good volume.
The trading profile for RMD therefore remains bullish and the sideways consolidation from the past several days is a new opportunity to buy the shares before they commence their next run. Upside targets remain near $28.50 and $32.00.
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
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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For more info SHARE ANALYSIS: RMD - RESMED INC