Our Algo Engine generated a buy signal in Downer EDI at $6.75.
With the stock now trading at $7.50 we recommend locking in gains, as the stock is now trading at our initial “sell” price target.
We continue to like the long-term fundamentals for Downer and CIM and will revisit these names on the next retracement & algo buy signal.
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