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AMC and SHL offer low risk entry points following the recent selling pressure.
FMG is a short with stop losses above the recent high at $6.05 Initial downside target of $5.40
Fortesque Metals
The Insurance sector in the US rebounded in Friday’s session, following oversold levels which were caused by concerns about weather related claims.
We’re expecting the local insurance companies to find buying support near the current price levels. This will likely be a short-term trade higher, as we anticipate the sector will then make a “lower high” formation.
Our two preferred names are IAG and SUN.
With the recent hurricane activity near refinery locations in the USA, the price of Crude Oil has been volatile and difficult to forecast accurately.
This has kept our ALGO sell signal for STO offside since it was triggered on Wednesday at $3.81.
With spot Crude Oil prices dropping over 3%, and below $47.50, during yesterday’s NY trade, the Short STO signal may look more attractive on Monday.
Santos
Crude Oil
Our ALGO engine triggered a sell signal in Sandfire Resources on the ASX close on Friday at $6.44.
The WA-based copper producer has seen its share price rise over 17% since posting a low of $5.50 on August 29th. The spot price of copper has rallied 10.4% over the same period of time.
However, NY High-Grade Copper futures fell 3.25% in overnight trade on reports that recent Chinese demand has peaked and a price correction in copper is forthcoming.
The recent share price action illustrates that SFR is strongly correlated to the spot copper price and could revert lower if the spot price declines.
We will follow this ALGO signal closely and update for a potential trade strategy.
Sandfire Resources
NY High-Grade Copper
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The ALGO engine triggered a buy signal on MQG at yesterday’s ASX close at $83.01.
The stock has dropped over 7% since posting an intra-day high at $89.35 on August 17th.
This swift decline has pushed internal momentum indicators into an “oversold” area, which the technical ALGO engine picked up on when creating the buy signal.
We remain cautious of the forward earnings potential in the local banking sector and will monitor this trade over the next few trading sessions.
At this point, we would consider any move in MQG up into the $84.90 area as a corrective reversion and an area to sell long holdings or establish short positions.
Macquarie Group
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