Our ALGO engine triggered a buy signal in AMP at $5.06 going into yesterday’s ASX close.
Since posting a tepid earnings report on August 10th, AMP shares have dropped from $5.45 down to yesterday’s low of $5.05.
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The ALGO picked up on the “higher low” pattern since the initial support at $5.00 held and the recent low at $4.90 was not challenged.
Taking into account the earnings report showed revenue up 25% to $7.6 billion, and the interim dividend was lifted 4% to 14.5 cents, we see scope for some capital appreciation in the AMP from these levels.
Investors should look at placing a stop-loss order just under the June 9th low of $4.90.
AMP
