The ALGO engine triggered a buy signal on yesterday’s close for MPL at $2.72.
Internal momentum indicators are showing an oversold condition, which doesn’t rule out a test of the January lows near $2.60.
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As a defensive name in an increasingly uncertain market, we suggest buying shares of MPL and using a derivative overlay strategy to enhance the returns.
We still see limited revenue growth and material resistance in the $3.00 area. However, with the 4% dividend yield and income from the option premium, we see the stock as positive income contributor to client portfolios.
Medibank
