Breakout Stocks of Week 10 @ ASX
NASDAQ was up last week (week 9) by 1.74% ending at 16,274.94 points after gaining 278.12 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 Bank of Queensland Limited ASX:BOQ. This stock has had a buy signal since Feb 29, 2024 when the price was $5.87 and is so far up 0.511% to $5.90. Some other companies are on our watchlist to, among these are Telstra Corporation Limited ASX:TLS Steadfast Group Limited ASX:SDF nib holdings limited ASX:NHF and Accent Group Limited ASX:AX1 which all got a breakout pattern emerging.
| Date | Company | Price | Week 10 |
|---|---|---|---|
| Bank Of Queensland Limited | $5.90 | $6.21 | 5.25% |
| Telstra Corporation Limited | $3.81 | $3.83 | 0.525% |
| Steadfast Group Limited | $5.79 | $5.85 | 1.04% |
| Nib Holdings Limited | $7.52 | $7.99 | 6.25% |
| Accent Group Limited | A$2.05 | A$1.98 | -3.66% |
The Bank of Queensland Limited stock price gained 0.511% on the last trading day (Friday, 1st Mar 2024), rising from $5.87 to $5.90. During the last trading day the stock fluctuated 1.29% from a day low at $5.83 to a day high of $5.90. The price has fallen in 5 of the last 10 days and is down by -0.51% for this period. Volume fell on the last day by -516 thousand shares and in total, 2 million shares were bought and sold for approximately $10.21 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 short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Bank of Queensland Limited stock to perform well in the short-term period.
About Bank of Queensland Limited:
Bank of Queensland Limited, together with its subsidiaries, provides various financial products and services in Australia. The company operates in Retail Banking, BOQ Business, and Other segments. It offers personal banking services comprises savings and term deposits, and transactional accounts; debit and credit cards; home, personal, and car loans; and travel, home and content, landlord, and car insurance, as well as investment services comprising online share trading services, and self-managed superannuation funds. The company's business banking services include transaction accounts, and savings and investment accounts; loans and finance products, such as business loans, equipment and vehicle finance, and dealer finance; merchant and payment products; and financial market and international services. It also offers Internet and mobile banking services. It operates 53 corporate branches and 103 owner managed branches, as well as 7 transaction centers. Bank of Queensland Limited was founded in 1874 and is based in Newstead, Australia.
The Telstra Corporation Limited stock price fell by -0.262% on the last day (Friday, 1st Mar 2024) from $3.82 to $3.81. During the last trading day the stock fluctuated 1.06% from a day low at $3.79 to a day high of $3.83. The price has fallen in 6 of the last 10 days and is down by -1.3% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -19 million shares and in total, 13 million shares were bought and sold for approximately $49.93 million.
Telstra Corporation 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 Telstra Corporation Limited:
Telstra Corporation Limited provides telecommunications and information services to businesses, governments, and individuals in Australia and internationally. It operates in four segments: Telstra Consumer and Small Business, Telstra Enterprise, Networks and IT, and Telstra InfraCo. The company offers telecommunication products, services, and solutions across mobiles, fixed and mobile broadband, media, and digital content in prepaid and post-paid services, as well as operates call centers, Telstra shops, and the Telstra dealership network. It also provides network capacity and management, unified communications, cloud, industry solutions, integrated and monitoring services to government and large enterprise customers; builds and manages digital platforms; and provides telecommunication products and services to other carriers, carriage service providers, and internet service providers. In addition, the company operates the fixed passive network infrastructure, including data centers, exchanges, poles, ducts, pits and pipes, fiber network, and mobile towers; provides wholesale customers with access to network infrastructure; provides long-term access to components of infrastructure and network services under the infrastructure services agreement and commercial contracts; and designs and constructs fiber, exchanges, and other infrastructure. The company was formerly known as Australian and Overseas Telecommunications Corporation Limited and changed its name to Telstra Corporation Limited in April 1993. Telstra Corporation Limited was founded in 1901 and is based in Melbourne, Australia.
No changes to the price of Steadfast Group Limited stock on the last trading day (Friday, 1st Mar 2024). During the last trading day the stock fluctuated 1.40% from a day low at $5.72 to a day high of $5.80. The price has been going up and down for this period, and there has been a -2.53% loss for the last 2 weeks.
Steadfast Group 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 Steadfast Group Limited:
Steadfast Group Limited provides general insurance brokerage services Australasia, Asia, and Europe. It also provides insurance underwriting services and related services. The company operates a network of 457 general insurance brokers and 24 underwriting agencies. Steadfast Group Limited was founded in 1996 and is based in Sydney, Australia.
The nib holdings limited stock price gained 2.73% on the last trading day (Friday, 1st Mar 2024), rising from $7.32 to $7.52. During the last trading day the stock fluctuated 3.81% from a day low at $7.35 to a day high of $7.63. The price has been going up and down for this period, and there has been a -6.7% loss for the last 2 weeks. Volume fell on the last day by -605 thousand shares and in total, 1 million shares were bought and sold for approximately $10.92 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.
nib holdings 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 nib holdings limited:
nib holdings limited, together with its subsidiaries, underwrites and distributes private health insurance to Australian and New Zealand residents, as well as international students and visitors. The company operates through Australian Residents Health Insurance, New Zealand Residents Health Insurance, International (Inbound) Health Insurance, and nib Travel segments. It also offers health insurance products, including single, couples, and family health insurance, as well as single parent health insurance; life insurance; travel insurance; and income protection insurance services. nib holdings limited was founded in 1952 and is headquartered in Newcastle, Australia.
The Accent Group Limited stock price gained 1.49% on the last trading day (Friday, 1st Mar 2024), rising from A$2.02 to A$2.05. During the last trading day the stock fluctuated 3.76% from a day low at A$2.00 to a day high of A$2.07. The price has fallen in 4 of the last 10 days and is down by -9.69% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 318 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately A$3.35 million.
Accent Group Limited holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
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.
