ALGO Update: Stay Long Cimic Group

Shares of Cimic Group have started the week over 4% higher and have reached a 2-month high of $44.75 in early trade.

Investors are reacting to the recent news that CIM was awarded a 4-year, $480 million contract by QCoal to continue mining services operations at QCoal’s Bowen Basin Mines.

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Our ALGO engine triggered a buy signal for CIM on June 1st at $40.73 and the stock has been part of our ASX Top 100 portfolio since June of 2016.

From a technical perspective, we see solid support near $42.50 with an initial upside target at $47.50.

Cimic Group

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