ALGO Update: Buy Signal In AMP

Our ALGO engine triggered a buy signal in AMP at $5.06 going into yesterday’s ASX close.

Since posting a tepid earnings report on August 10th, AMP shares have dropped from $5.45 down to yesterday’s low of $5.05.

You're not a member!  Trial today

The ALGO picked up on the “higher low” pattern since the initial support at $5.00 held and the recent low at $4.90 was not challenged.

Taking into account the earnings report showed revenue up 25% to $7.6 billion, and the interim dividend was lifted 4% to 14.5 cents, we see scope for some capital appreciation in the AMP from these levels.

Investors should look at placing a stop-loss order just under the June 9th low of $4.90.



Leave a Reply

Investor Signals Pty Ltd ABN 44 143 555 453 is a Corporate Authorised Representative CAR No. 439411 of Advisor Plus Pty Ltd AFSL 474520
© 2024 Investor Signals

Send our ASX Research to your Inbox

Or start a free thirty day trial for our full service, which includes our ASX Research.