Breakout Stocks of Week 13 @ ASX
NASDAQ was up last week (week 12) by 2.68% ending at 16,401.84 points after gaining 428.66 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 Challenger Limited ASX:CGF. This stock has had a buy signal since Mar 21, 2024 when the price was $6.87 , but have so far fallen -1.31% to $6.78. Some other companies are on our watchlist to, among these are Accent Group Limited ASX:AX1 Silex Systems Limited ASX:SLX AUB Group Limited ASX:AUB and Chorus Limited ASX:CNU which all got a breakout pattern emerging.
| Date | Company | Price | Week 13 |
|---|---|---|---|
| Challenger Limited | $6.78 | $7.11 | 4.87% |
| Accent Group Limited | A$1.94 | A$2.03 | 4.64% |
| Silex Systems Limited | $4.84 | $5.13 | 5.99% |
| Aub Group Limited | $28.93 | $29.74 | 2.80% |
| Chorus Limited | $7.10 | $7.00 | -1.41% |
The Challenger Limited stock price fell by -1.31% on the last day (Friday, 22nd Mar 2024) from $6.87 to $6.78. During the last trading day the stock fluctuated 1.62% from a day low at $6.77 to a day high of $6.88. The price has fallen in 5 of the last 10 days and is down by -1.31% 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 -1 million shares and in total, 712 thousand shares were bought and sold for approximately $4.83 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 Challenger Limited stock to perform well in the short-term.
About Challenger Limited:
Challenger Limited is a publicly owned investment manager. The company also provides retirement services to its clients. It manages equity mutual funds. The firm invests into the public equity markets across the world. Challenger Limited was founded in 1985 and is based in Australia, Asia and United Kingdom.
The Accent Group Limited stock price fell by -2.02% on the last day (Friday, 22nd Mar 2024) from A$1.98 to A$1.94. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 2.33% from a day low at A$1.94 to a day high of A$1.98. The price has fallen in 6 of the last 10 days and is down by -1.77% 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 -65 thousand shares and in total, 1 million shares were bought and sold for approximately A$2.18 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 Accent Group Limited stock to perform well in the short-term period.
The Silex Systems Limited stock price gained 1.04% on the last trading day (Friday, 22nd Mar 2024), rising from $4.79 to $4.84. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 3.15% from a day low at $4.76 to a day high of $4.91. The price has risen in 6 of the last 10 days but is still down by -2.81% for this period. Volume fell on the last day by -523 shares and in total, 536 thousand shares were bought and sold for approximately $2.59 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.
Silex Systems 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 Silex Systems Limited:
Silex Systems Limited engages in the research and development, commercialization, and license of SILEX laser uranium enrichment technology in Australia. The company also develops cREO technology for the integration of various compound semiconductor devices with silicon wafer-based production techniques. Silex Systems Limited was incorporated in 1987 and is based in Sydney, Australia.
The AUB Group Limited stock price fell by -1.80% on the last day (Friday, 22nd Mar 2024) from $29.46 to $28.93. During the last trading day the stock fluctuated 2.36% from a day low at $28.87 to a day high of $29.55. The price has fallen in 8 of the last 10 days and is down by -6.92% 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 -64 thousand shares and in total, 349 thousand shares were bought and sold for approximately $10.08 million.
AUB 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 AUB Group Limited:
AUB Group Limited provides engages in the insurance broking and underwriting businesses in Australia and New Zealand. The company provides insurance broking and advisory services primarily to SME clients; operates insurance broking networks represented by approximately 75 businesses, as well as distributes ancillary products; and underwrites, distributes, and manages insurance products and portfolios on behalf of licensed insurance companies. It also provides support services, such as loss adjustment, investigations, claims management, claims legal support, and rehabilitation services, as well as automated quoting, white-labelling, and technological support services. The company was formerly known as Austbrokers Holdings Limited and changed its name to AUB Group Limited in November 2015. AUB Group Limited was incorporated in 1885 and is based in North Sydney, Australia.
The Chorus Limited stock price gained 0.141% on the last trading day (Friday, 22nd Mar 2024), rising from $7.09 to $7.10. During the last trading day the stock fluctuated 0.85% from a day low at $7.07 to a day high of $7.13. The price has fallen in 7 of the last 10 days and is down by -6.21% for this period. Volume fell on the last day by -705 thousand shares and in total, 358 thousand shares were bought and sold for approximately $2.54 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.
Chorus 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 Chorus Limited:
Chorus Limited provides fixed line communications infrastructure services in New Zealand. It offers phone and broadband services over copper and fiber networks for residential and business customers; and very high-speed digital subscriber line broadband services. The company also provides colocation services. Chorus Limited was founded in 2008 and is based in Wellington, New Zealand.
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.
