Geelong lost again, which is depressing, and the market is depressing at the moment too as it’s not going anywhere but sideways. We are stuck and I do not think we are really going to push out until we see interest rates come down…maybe September(ish).
The top two in the ASX200 last week were both healthcare stocks with Sigma gaining 12% and Telix 11%. Resources have been sad lately, but it is good to see West Africa (ASX:WAF) and Capricorn Metals (ASX:CMM) up there and some Telcos in there too.
What’s Hot this week is ScentreGroup (ASX:SCG). You would think shopping centres would be struggling, but this is looking really good as a stock. It’s been taking off the last few months. If you talk about its major low, that was back in Covid times in March 2020. Right now, this is looking good to put on your watchlist as a medium, long or short-term trader. Pretty shortly it could be a nice buy.
SCG has been trading at $3.20.
Proceed with caution is Magellan (ASX:MFG). As an $8 stock Magellan is a great stock that runs really hard when it runs. The caution comes in as we need to see the stock do a lot more to be looking at a buy potential. The upside is astronomical if it can get going and repeat the price action it produced in February 2020. This is a stock that must be on the watchlist and keep a very close eye on it because it can run…or keep going sideways for 6 months. Financials are going to be key taking the market forward into 2025-26. The next bull run is where people should be looking for stocks and this is a great stock that just needs a bit more to tell us it is going up.
MFG has been priced at $8.43 cents.
What not hot: Mineral Resources (ASX:MIN) This is the sort of stock that people fall in love with and then they hang on to it. On the chart we see a big move from the Covid low to over 700% highs, which is why people fell in I love with it and still hang on to it. They made a lot of money and are not feeling the pain yet,but should have gotten out of this stock ages ago. You need to put it to the side and wait for the price action to tell you that it wants to change its direction and character.
MIN has been trading at $54.76.
Dale Gillham is the Chief Analyst at Wealth Within and the international bestselling author of How to Beat the Managed Funds by 20%. He is also the author of Accelerate Your Wealth—It’s Your Money, Your Choice, which is available in bookstores and online at www.wealthwithin.com.au
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