On August 8th, our ALGO engine triggered a buy signal on JHX at $17.90.
At the ASX close last Thursday, the ALGO engine gave us a sell signal at $18.83.
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Looking at the daily chart, the price action fits the “lower high” pattern based on the July 27th intra-day high of $19. 80. In addition, internal momentum indicators have now crossed into overbought territory.
Investors who took the August buy signal on JHX should look to exit the stock around the current $19.00 level.
James Hardie
