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Our ALGO engine triggered a sell signal in TPM at $6.36 on the ASX close on Friday.
After posting a low of $4.85 on September 28th, shares of TPM have rallied impressively on a series of fiber-optic contracts won from the South Australian state government.
However, the technical chart pattern is still defined by a “lower high” formation which suggests lower prices over the medium-term.
We see the next key support level at $5.90 and suggest exiting long positions at or around $6.40.
TPG Telecom
Aurizon has made a lower high formation and we feel the recent rally from $4.75 to $5.30 will run into selling pressure.
Shares of TWE posted a new all-time high of $16.22 on the ASX close last Friday.
Our ALGO engine triggered a buy signal on TWE back in July at $12.55.
The stock is trading at 40X earnings with the 12 month EPS currently expected at just over 23%.
The internal momentum indicators look good and we would look to take profits on a move into the $16.90 to $17.00 area.
Treasury Wine Estates
The S&P ASX 200 Index finished the week 0.08% higher.
The best performer was the Telecoms sector, up 7.0% (Telstra rising by 7.9%) and the worst performer was the Industrial sector, down 1.3%.
XJO Index
Our Algo Engine generated a buy signal in Lendlease back in October. Since then the stock has moved down to find buying support at $15.50.
LLC is in the ASX 50 model and we expect buying support will soon see the share price recapture $17 in the weeks ahead.
Place a stop-loss order on a break back below $15.50.
Lendlease
Our Algo Engine generated a buy signal in Westpac on the recent “higher low” chart formation.
Place a stop-loss on a break back below $30.50 with an upside target $33.00
Westpac
We consider BHP a preferred holding within the ASX 50 model portfolio.
The Algo Engine generated a buy signal on May 5th at $22.60.
With both oil and iron ore prices remaining well supported, BHP should continue to find buying interest.
Consider a stop-loss below $25.00 and sell $29.50 March call options to enhance the yield.
BHP
Our Algo Engine has flagged the higher low formation in the iShares ETF, IZZ China Large Cap.
IZZ has retraced from $65 last month to a low of $58.61 in Thursday’s session. Following stronger data out of China on Friday, the ETF had a strong close to the week.
Consider buying with a stop-loss below $57.40
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