Month: July 2018

CIMIC Shares Soar After Positive Results

Posted on July 19, 2018 | by Todd

Shares of CIMIC Group have spiked over 10% higher to reach a 5-month high of $47.50 in early trade.

The company’s H1 2018 results showed an increase of FY 18/19 earnings in the 3% range and a 10% increase in revenue growth specifically in their construction business.

Our ALGO engine triggered a buy signal in CIM at $41.15 on March 9th and the stock was added to our ASX Top 100 portfolio on June 27th at $35.00.

We see the next resistance level in the $48.75 range. CIM goes ex-dividend for 70 cents on September 12th.

Cimic Group

ALGO Update: BHP Continues To Firm Into The $35.00 Area

Posted on July 19, 2018 | by Todd

Our ALGO engine triggered a buy signal for BHP on March 9th at $28.32.

A recent broker note focused on the mining giant’s increased production of Iron Ore, Coal and Crude Oil as the basis for upgrading their 12-month price target to $37.00.

As mentioned in a previous Blog, we believe these upgrades will also lead to an increase of their dividend to the $1.40 range.

With a potential “double top” resistance in the $35.50 area, we would consider a buy/write strategy at these levels.

BHP goes ex-dividend for 60 cents on September 7th.

BHP

ASX Signals for July 18, 2018

Posted on July 18, 2018 | by Algo Engine

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RIO Tinto Firms On Solid Output

Posted on July 18, 2018 | by Todd

Shares of RIO are 1% higher at $79.90 in early trade as a recent broker note has reaffirmed their “outperform” rating and set a 12-month target of $94.00.

The report mentions that Iron Ore shipments of 88 metric tons were at the top end of 2018 calendar year guidance.

In addition, shipments of copper and bauxite were also slightly ahead of 2018 guidance.

The company is scheduled to announce their 2018 earnings on August 1st. The forecast numbers are NPAT of $4.6 billion and DPS of $1.36.

RIO was added to our ASX Top 20 portfolio in March of 2017.

RIO Tinto

ALGO Buy Signal In Evolution Mining

Posted on July 18, 2018 | by Todd

Our ALGO engine triggered a buy signal on Evolution mining into yesterday’s ASX close at $3.13.

The “higher low” price pattern is referenced to the intra-day low posted at $3.07 on May 21st.

In general, the junior mining stocks have been performing well even as the price of spot gold has traded lower. We expect a turnaround in the spot price would give the mining stocks a lift.

EVN has now been added to our ASX Top 100 Model portfolio. We see good chart support at $3.00 and initial resistance near the $3.60 area.