This story features REA GROUP LIMITED. For more info SHARE ANALYSIS: REA
By Michael Gable
Our charting section this week highlights a possible buying opportunity in REA Group ((REA)).
We had a look at REA at the end of March and noted the break from the tight range, commenting that “this means that we are likely to see some upside again from REA as it recovers back towards the February high.” Now that it is near the February high, it is interesting to note that the shares have not been sold down heavily. By congesting under the February high like this, they are getting prepared to make an upside break. Therefore, REA is worth watching for now and a strong close above $160 would be a chance to top up in preparation of it rallying through to new highs.
[Note: REA Group reports quarterly earnings on Friday.]
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Michael Gable is managing Director of Fairmont Equities (www.fairmontequities.com)
Fairmont Equities is a share advisory firm assisting Private Clients with the professional management of their share portfolio. We are based in the Sydney CBD but provide services to private clients across Australia. We believe that the concepts of fundamental analysis and technical analysis of stocks are not mutually exclusive. Regardless of whether you are a trader or long term investor, combining both methods is crucial to success. As a result, the unique analysis of Fairmont Equities is featured regularly in the media such as Sky News Business, CNBC, The Australian Financial Review, and the ASX newsletter. Contact us for a free trial of our research and information on our portfolio management services.
Michael is RG146 Accredited and holds the following formal qualifications:
• Bachelor of Engineering, Hons. (University of Sydney)
• Bachelor of Commerce (University of Sydney)
• Diploma of Mortgage Lending (Finsia)
• Diploma of Financial Services [Financial Planning] (Finsia)
• Completion of ASX Accredited Derivatives Adviser Levels 1 & 2
Fairmont Equities Australia (ACN 615 592 802) is a holder of an Australian Financial Services License (No. 494022). The information contained in this report is general information only and is copy write to Fairmont Equities. Fairmont Equities reserves all intellectual property rights. This report should not be interpreted as one that provides personal financial or investment advice. Any examples presented are for illustration purposes only. Past performance is not a reliable indicator of future performance. No person, persons or organisation should invest monies or take action on the reliance of the material contained in this report, but instead should satisfy themselves independently (whether by expert advice or others) of the appropriateness of any such action. Fairmont Equities, it directors and/or officers accept no responsibility for the accuracy, completeness or timeliness of the information contained in the report.
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Originally Appeared On: https://www.fnarena.com/index.php/2021/05/04/rea-group-upside-break/