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Technical Analysis: 1 February 2019
Bellamy's Australia (BAL) – bullish breakout
In our update on August 17, 2018 we discussed the likelihood of the price bouncing in the short term and recommended clients buy the stock at $9.71. While the price did bounce and our first price target of $12.50 was reached fairly quickly, the rally was not sustained and the price resumed its prior downward trajectory.
Over the past three months the down trend has clearly lost momentum and the price has been trading sideways, fluctuating between $7.31 and $8.56. Thursday's price action broke above its resistance of $8.56 suggesting that higher prices are likely to unfold in the months ahead. The first potential upside price target based on the breakout is $10.40. Over the medium term, levels to $12.00 appear easily achievable.
Our buy recommendation came a bit too early and at this point we are still holding our long positions.
New look on the shelfs!, page-36
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