Genesis Minerals Ready To Resume Uptrend

This story features GENESIS MINERALS LIMITED.
For more info SHARE ANALYSIS: GMD
The company is included in ASX100, ASX200, ASX300 and ALL-ORDS

Fairmont Equities' Michael Gable continues to see upside for the gold sector with a pull back in Genesis shares now seen offering opportunity.

By Michael Gable 

Last week was a poor one for share markets, but interestingly on Friday night, the S&P500 Index and the Nasdaq both bounced off their 50-day moving averages and ensured that the uptrend remained intact for now.

With the US government shutdown also appearing to be over, and the US dollar failing to get above its 200-day moving average, we once again have a more “risk on” environment which should see markets possibly trend into Christmas. 

Today, we offer a technical view on Genesis Minerals ((GMD)).

We have looked at Genesis Minerals on a few occasions in the past year, most recently on 5 August when we noted that there was “another buying opportunity.

“We expect GMD to continue to trend from here and make a new high.”

After rallying over 50% in a couple of months, the stock then eased back in late October along with the underlying gold price.

That pull back now appears to be over and Genesis is looking bullish again and ready to trend higher.

Current levels are a buying opportunity. Initial stops can be considered back near $5.30,

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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