Strong Break-Out For Regis Resources

This story features REGIS RESOURCES LIMITED. For more info SHARE ANALYSIS: RRL

By Michael Gable 

Whilst rising bond yields are causing share markets to cool off a little in the short-term, commodities continue their march higher.

We offer a technical view on gold miner Regis Resources ((RRL)).

We looked at RRL four weeks ago and noted that it was forming a very clear resistance line and it was a case of waiting for the breakout before buying. That has finally occurred.

Not only that, but it was on the back of some "bad" news, which is always a bullish sign. Volumes have also been strong on the break.

Current levels are therefore a buying opportunity. We expect it to run up towards major resistance near $2.40, which is the upper level of a longer-term base formation.

From there we can reassess. Initial stops can be considered just under $2.00.

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

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

Disclaimer

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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