Aristocrat Leisure: Breaking Out

Technicals | Feb 27 2024


By Michael Gable 

The S&P500 Index continues to trend higher and the S&P/ASX200 Index continues to consolidate sideways in preparation of the next move higher.

Rate cut expectations continue to be pared back, but this hasn't provided the bears with the market correction that they have been hoping for.

Strong economic growth and decent company earnings is what is driving the market, which is what you want to see if this rally through 2024 is to remain sustainable.

We offer a technical analysis view on Aristocrat Leisure ((ALL)).

We looked at ALL in January when we noted that a break above the $42 resistance line was a buying opportunity.

Since the start of February, however, it has spent most of the time consolidating sideways in a tight range between about $43.70 and $44.65.

It briefly dipped under that last week, only to rally higher, which was a bullish sign. Now we are seeing ALL break to the upside.

This is a new buy trigger and we expect the stock to continue trending higher from here.

Content included in this article is not by association the view of FNArena (see our disclaimer).
Michael Gable is managing Director of  Fairmont Equities (

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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