Suncorp – Short Trade
Suncorp has selling resistance at $9.61 and we expect continued downside pressure on the share price.
Treasury Wines – Monday Trade Opportunity
Short-term traders may wish to track TWE on the open and run a stop loss below the $9.65
Amcor – Approaching Resistance
Amcor look for short-term momentum indicators to roll over and selling resistance to build within the range indicated below.
Banks – Dividend Cuts
Earlier this week European banks announced they will be suspending dividends. If the banks are to receive bailouts from the central banks, this will likely follow in other countries.
RBNZ today announced it has agreed with the banks that during this period of economic uncertainty there will be no payment of dividends on ordinary shares.
Downside risks remain for Australian banks and we identify short term resistance in ANZ as an example of the price pattern playing out across the sector.
Evolution Mining – Accumulate
Evolution Mining has completed the Red Lake acquisition and we expect the turnaround to evolve over time, adding over 130oz of production.
Accumulate EVN at the current price.
Northern Star – Buy
Northern Star Resources is under Algo Engine buy conditions and is a current holding in our ASX 100 model portfolio.
We see value emerging in NST and suggest investors continue to accumulate at the current price level.
AZJ – Coal Volumes Remain Strong
Aurizon Holdings is under Algo Engine buy conditions and is a current holding in our ASX 100 model portfolio.
Management guided earnings to be within $880 million – $930 million and with coal export data remaining strong, we’re comfortable with the forecast.
AZJ will provide its 3Q20 trading update on 16th April 2020.
Newcrest Mining – Buy
Newcrest Mining is under Algo Engine buy conditions and is a current holding in our ASX 100 model portfolio.
We see value emerging in NCM and suggest investors continue to accumulate at the current price level.
Oil ETF – Buy
We see value in the Betashares Crude Oil Index ETF-Currency Hedged for investors willing to take a longer-term view.
Cleanaway – Back at Support Levels
Cleanaway Waste Management is now under Algo Engine buy conditions and we see buying support building at $1.50
As an essential service, CWY offers a degree of safety, and the company maintains a strong balance sheet and liquidity.
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