Lovisa’s Uptrend Readying To Resume

Technicals | May 28 2024

This story features LOVISA HOLDINGS LIMITED. For more info SHARE ANALYSIS: LOV

By Michael Gable 

The Australian market remains in the consolidation phase that we highlighted last week.

The S&P/ASX200 Index needs to break above 7900 for it to get back into the uptrend, which we believe to be just a matter of time.

Despite that, there are still some opportunities for investors.

Today's technical view is on Lovisa Holdings ((LOV)).

LOV continues to trend higher, but in the short-term since March, it has traded sideways to consolidate the move.

We can see that volumes were high on the way up and lower during the consolidation phase, which is a bullish sign.

The range is now tightening up and the price is getting close again to the recent highs.

The next buy signal will be a breakout to new highs. That is, look for a close above $33.50 for the next buy signal. That should then lead to a resumption of the uptrend.

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


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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