Leading retailer Myer Holdings Limited this week presents a bullish technical signal in forming a strong bullish engulfing pattern. This comes on the back of a 12 month gentle uptrend which ended a 3 year decline in the share price from a high of $3.
There is take-over speculation centered around Solomon Lew’s Premier Investments. If these rumours continue to gain credence, further gains in the share price can be expected. I have therefore purchased a parcel of shares in Myer Holdings for my portfolio.
Conservative investors may well delay their entry until the support/resistance level of $1.45 is penetrated.
Readers are reminded that they should not rely on technical signals alone, but should always seek advice specific to their needs from their stock-brokers, before investing.
Categories: Chart Analyses, Technical Analysis
The Head and Shoulders Pattern. A chart review of Beach Energy (BPT) 
Will the mining stocks continue their resurgence? 
The Limitations of Technical Analysis 
GFC down-turn lingers on in Australia 
Technically Speaking 
Leave a Reply