Breakout Stocks of Week 19 @ ASX
NASDAQ was up last week (week 18) by 1.43% ending at 16,156.33 points after gaining 228.43 points during the week. Our system has detected some possible breakout stocks for the following week and these should be on your watchlist. These are the stocks that are bouncing up with good increase in volume and are likely to do good in short term. One of these stocks are Cleanaway Waste Management Limited ASX:CWY. This stock has had a buy signal since Apr 29, 2024 when the price was $2.73 , but have so far fallen -1.10% to $2.70. Some other companies are on our watchlist to, among these are Ramsay Health Care Limited ASX:RHC Coles Group Limited ASX:COL Incitec Pivot Limited ASX:IPL and McMillan Shakespeare Limited ASX:MMS which all got a breakout pattern emerging.
| Date | Company | Price | Change |
|---|---|---|---|
| Cleanaway Waste Management Limited | $2.70 | $2.70 ( 3rd May 2024 ) | 0% |
| Ramsay Health Care Limited | $51.22 | $51.22 ( 3rd May 2024 ) | 0% |
| Coles Group Limited | $16.12 | $16.12 ( 3rd May 2024 ) | 0% |
| Incitec Pivot Limited | $2.79 | $2.79 ( 3rd May 2024 ) | 0% |
| Mcmillan Shakespeare Limited | $18.58 | $18.58 ( 3rd May 2024 ) | 0% |
The Cleanaway Waste Management Limited stock price fell by -0.369% on the last day (Friday, 3rd May 2024) from $2.71 to $2.70. During the last trading day the stock fluctuated 2.26% from a day low at $2.66 to a day high of $2.72. The price has fallen in 6 of the last 10 days but is still up by 5.88% over the past 2 weeks. Volume has increased on the last day by 839 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 3 million shares were bought and sold for approximately $9.42 million.
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Cleanaway Waste Management Limited stock to perform well in the short-term.
About Cleanaway Waste Management Limited:
Cleanaway Waste Management Limited provides waste management, industrial, and environmental services in Australia. It operates through three segments: Solid Waste Services, Industrial & Waste Services, and Liquid Waste & Health Services. The company offers commercial and industrial, municipal, and residential collection services for various types of solid waste streams, including general waste, recyclables, construction, and demolition waste, as well as medical and washroom services. It is also involved in the ownership and management of waste transfer stations, resource recovery and recycling facilities, secure product destruction, quarantine treatment operations, and landfills; sale of recovered paper, cardboard, metals, and plastics; and collection, treatment, processing, and recycling of liquid and hazardous waste, including industrial waste, grease trap waste, oily waters, and used mineral and cooking oils in packaged and bulk forms. In addition, the company offers industrial solutions comprising industrial cleaning, vacuum tanker loading, site remediation, sludge management, parts washing, concrete remediation, CCTV, corrosion protection, and emergency response services. Further, it refines and recycles used mineral oils to produce fuel oils and base oils; generates and sells electricity produced utilizing landfill gas; and provides health and biohazardous waste, organic waste, e-waste recycling, industrial construction and cleaning, and equipment cleaning services, as well as spill kits. The company was formerly known as Transpacific Industries Group Ltd. and changed its name to Cleanaway Waste Management Limited in February 2016. Cleanaway Waste Management Limited was incorporated in 2002 and is headquartered in Melbourne, Australia.
The Ramsay Health Care Limited stock price gained 0.471% on the last trading day (Friday, 3rd May 2024), rising from $50.98 to $51.22. During the last trading day the stock fluctuated 1.22% from a day low at $50.90 to a day high of $51.52. The price has fallen in 6 of the last 10 days but is still up by 1.27% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 61 thousand more shares were traded than the day before. In total, 306 thousand shares were bought and sold for approximately $15.67 million.
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Ramsay Health Care Limited stock to perform well in the short-term period.
About Ramsay Health Care Limited:
Ramsay Health Care Limited owns and operates hospitals for public and private patients. It also offers health care services. It operates facilities in 460 locations in the Asia Pacific, the United Kingdom, France, and Nordics. The company was founded in 1964 and is based in Sydney, Australia.
The Coles Group Limited stock price gained 0.186% on the last trading day (Friday, 3rd May 2024), rising from $16.09 to $16.12. During the last trading day the stock fluctuated 1.25% from a day low at $16.01 to a day high of $16.21. The price has been going up and down for this period, and there has been a -0.25% loss for the last 2 weeks. Volume fell on the last day by -1 million shares and in total, 3 million shares were bought and sold for approximately $42.37 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period.
About Coles Group Limited:
Coles Group Limited operates as a retailer in Australia. It operates through Supermarkets, Liquor, and Express segments. The company provides fresh food and groceries through 834 supermarkets; and coles.com.au, which offers a choice of home delivery, including same-day, overnight drop and go services, and pick up from click and collect locations. Its Coles Financial Services provides insurance, credit cards, and personal loans to Australian families. The company is also involved in the retailing of liquor through its 929 stores under the Liquorland, First Choice, First Choice Liquor, and Vintage Cellars brand names, including online liquor delivery services. In addition, it operates 717 fuel and convenience stores; and operates as flybuys loyalty program. The company was formerly known as Coles Myer Ltd. and changed its name to Coles Group Limited. Coles Group Limited was founded in 1914 and is based in Hawthorn East, Australia.
The Incitec Pivot Limited stock price gained 0.360% on the last trading day (Friday, 3rd May 2024), rising from $2.78 to $2.79. During the last trading day the stock fluctuated 1.09% from a day low at $2.76 to a day high of $2.79. The price has been going up and down for this period, and there has been a 1.09% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 233 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $4.66 million.
Incitec Pivot Limited holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
About Incitec Pivot Limited:
Incitec Pivot Limited manufactures and distributes industrial explosives, industrial chemicals, and fertilizers in Australia, the United States, Canada, Turkey, and internationally. It manufactures and distributes fertilizers, including di/mono-ammonium phosphate, ammonia, granulated ammonium sulphate, urea, and single super phosphate, as well as imports and sells fertilizers. The company also manufactures and sells industrial explosives, such as ammonium nitrate and related products and services to the mining, quarrying, and construction industries; and manufactures, imports, and sells industrial chemicals to the agriculture and specialist industries. Incitec Pivot Limited was founded in 1831 and is headquartered in Southbank, Australia.
The McMillan Shakespeare Limited stock price gained 1.25% on the last trading day (Friday, 3rd May 2024), rising from $18.35 to $18.58. During the last trading day the stock fluctuated 2.41% from a day low at $18.24 to a day high of $18.68. The price has fallen in 6 of the last 10 days and is down by -4.96% for this period. Volume fell on the last day by -19 thousand shares and in total, 147 thousand shares were bought and sold for approximately $2.72 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
McMillan Shakespeare Limited holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
About McMillan Shakespeare Limited:
McMillan Shakespeare Limited provides salary packaging, novated leasing, disability plan management and support co-ordination, asset management, and related financial products and services in Australia, the United Kingdom, and New Zealand. It operates through Group Remuneration Services, Asset Management, and Retail Financial Services segments. The Group Remuneration Services segment offers salary packaging and ancillary services, including novated leasing asset and finance procurement, motor vehicle administration, and other services. The Asset Management segment provides financing and ancillary management services related with motor vehicles, commercial vehicles, and equipment. The Retail Financial Services segment offers retail brokerage services, as well as engages in the aggregation of finance originations and extended warranty cover. The company also provides fleet management and software development services. It serves federal and state governments, health groups, not-for-profit organizations, and private corporations. The company was founded in 1988 and is headquartered in Melbourne, Australia.
Despite these candidates are looking good from a technical perspective they may not perform as expected. You should always be cautious when trading and base your decisions on more than one source of information. This does not constitute an offer or recommendation to buy or sell securities.
