Our ALGO engine triggered a buy signal for SUN into yesterday’s ASX close at $14.32.
This “higher low” pattern is referenced to the low of $13.27 posted on January 6th.
As illustrated on the chart below, we still see scope for SUN to probe lower on fundamental headwinds impacting both the banking and insurance sectors.
As such, we will look for the stock to trade lower, into the $13.00 handle, before committing funds to the long side.
Suncorp
Since dropping to a 10-month low last week at $18.75, shares of Newcrest have lifted over 4% as the price of gold has stabilized.
It’s worth noting that NCM posted a 2% increase in revenue and a 16% rise in underlying profit in their FY18 results last month.
NCM is still under an ALGO buy signal and was added to our ASX Top 100 portfolio on July 19th at $20.05.
We still prefer the long side of NCM and see initial resistance in the $22.35 area over the medium-term.
Newcrest
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Healthscope has retested the $2.07 price gap and has seen strong buying support.
We see HSO as a good long-term value play with improving earnings over the next 2 – 5 years.
Healthscope
Ansell has found short-term support at $24.70 during yesterday’s trade.
However, with the USD weakening overnight, we’re “on watch” for a break of this level.
We see a good buying opportunity, should the stock trade down to $23.50.
Keep ANN on your watch list.
Ansell
After reaching a high of $1370.00 in mid-April, the price of gold dropped over $200.00 and traded as low as $1160.00 on August 16th.
By many technical measures, the 4-month correction in the yellow metal looks to have run its course.
Increased trade tensions, EM currency weakness and Geo-political risks are all fundamental elements which support higher prices for Gold.
The next point of resistance is near $1214.00, with solid support at $1185.00
Our preference within the gold miners is NCM, followed by EVN.
Since posting a high of $3.30 on August 20th, shares of MPL have dropped over 12% and posted a low of $2.87 in early trade today.
Internal momentum indicators are now reflecting and oversold condition on the daily charts.
We recommend accumulating MPL in the 2.75 – $2.90 range.
MediBank Private
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Insurance Australia Group, (IAG) is retracing into a price zone that provides a discounted entry point to begin accumulating the stock.
We see a cluster of support dating back to December of last year on the daily charts and good value between $7.00 and $7.30
IAG
Shares of STO have firmed over the last week as investors see the company’s recent acquisition of Quadrant Energy as a net positive to growth.
The addition of Quadrant will increase STO’s ownership of high-grade gas assets in Western Australia.
In addition, the Quadrant fields will strengthen STO’s operating capacity and increase last year’s rise in underlying profit into FY19.
We see initial chart resistance in the $7.35 area.
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