Macquarie Destined For Fresh All-Time High

This story features MACQUARIE GROUP LIMITED. For more info SHARE ANALYSIS: MQG

Michael Gable of Fairmont Equities suggests Macquarie Group shares have laid the groundwork for the next rally towards a fresh all-time record high.

By Michael Gable 

Volatility picked up in the local market last week after hotter than expected CPI numbers came through. However, the S&P/ASX 200 Index seems to be bouncing well off the lows.

Today we include a technical view on Macquarie Group ((MQG)).

Over the past several months, we have identified buying opportunities with MQG across November, February, and late April.

After retesting the downtrend line in late April, it bounced higher and the past few days has seen it take out the March high (circled).

This new breakout is a new buying opportunity. We expect some small resistance near the old high which is just above $210.

However, MQG has already done a lot of work in the past few months congesting under the old high, so there is a good chance that after an initial pause near $210, it goes on to new highs this year.

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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