Beach Energy Looks Ready

This story features BEACH ENERGY LIMITED. For more info SHARE ANALYSIS: BPT

By Michael Gable 

Share markets continue to creep higher and the dips continue to be bought.

The RBA interest rate decision last week provided a short-term boost to our market, but at the end of the day, there haven't been any major surprises that should concern stock investors. We continue to like the way the market is trading here and expect it to continue to grind higher.

Today's technical view is on Beach Energy ((BPT)).

The breakout and retest in February looked very positive for BPT and it rallied towards our first target near $1.90.

Unfortunately, it fell right back to that breakout zone in the $1.60's. However, we can now see that it has held onto this level very well and has seen some good buying support.

Price action in the past few days is also very positive with BPT lifting out of this little short-term range and pushing higher on strong volumes.

This means that we are likely to see BPT move higher again from here and attempt another retest of that $1.90 zone. Current levels are a buy.

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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