Following a number of analysts upgrading the outlook for Graincorp, the stock rallied over 5% in yesterday’s session.
We’ve been tracking this name, waiting for a reversal with increased volume and conviction. With the stock closing yesterday at $8.64, we now consider the $8.16 low as new support and look for a base to build at or near $8.50, with upside potential to $9.00.
Author: Leon Hinde
Leon has been working in the financial services industry for 18 years in management and advisory roles. Leon has extensive experience in general advice and dealings involving securities and derivative financial products.
PS 146 Securities & Derivatives, ADA 1 & 2 accreditation, Responsible Manager Certificate. Leon is authorised to provide financial product advice and deal with respect to the following financial products:
· Deposit Products
· Interest in managed investment schemes; and
· Government debentures, bonds and stocks