Break-Out For Resolute Mining

This story features RESOLUTE MINING LIMITED. For more info SHARE ANALYSIS: RSG

By Michael Gable 

Another volatile week on share markets where locally, we had higher-than-expected CPI numbers causing a brief sell-off on the S&P/ASX 200 Index, only for it to bounce back.

Before that we had weaker-than-expected retail sales numbers though. In the US, the latest PCE numbers continue to show inflation is declining, and the ISM Manufacturing PMI numbers overnight have indicated that growth isn't running out of control either.

Markets are still experiencing some wild moves in the short-term, based on short-term data, but our observation is that inflation is trending the right way and growth is holding up.

This will continue to be supportive of share markets. When you step back and ignore the day-to-day noise, then we can see why this year should continue to be full of opportunities. 

Today's technical view is on Resolute Mining ((RSG)):

We last looked at RSG on 9 April when it broke above the diagonal line and noted that it was a buying opportunity.

It has now broken above the 2023 high so this is a new opportunity to buy/add to positions. Traders can look to place initial stops back near 50c.

Our initial target is up near 70c and the next line of resistance after that is up near 90c.

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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