Breakout Stocks of Week 16 @ ASX
NASDAQ was down last week (week 15) by -0.452% ending at 16,175.09 points after falling -73.43 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 Genex Power Limited ASX:GNX. This stock has had a buy signal since Feb 19, 2024 when the price was $0.175 and is so far up 51.43% to $0.265. Some other companies are on our watchlist to, among these are Bendigo and Adelaide Bank Limited ASX:BEN Brickworks Limited ASX:BKW NRW Holdings Limited ASX:NWH and REA Group Limited ASX:REA which all got a breakout pattern emerging.
| Date | Company | Price | Week 16 |
|---|---|---|---|
| Genex Power Limited | $0.265 | $0.265 | 0% |
| Bendigo And Adelaide Bank Limited | $9.78 | $9.66 | -1.23% |
| Brickworks Limited | $27.19 | $26.69 | -1.84% |
| Nrw Holdings Limited | $2.84 | $2.76 | -2.82% |
| Rea Group Limited | $179.08 | $175.97 | -1.74% |
The Genex Power Limited stock price gained 6.00% on the last trading day (Friday, 12th Apr 2024), rising from $0.250 to $0.265. During the last trading day the stock fluctuated 0.755% from a day low at $0.265 to a day high of $0.267. The price has been going up and down for this period, and there has been a 6% 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, 29 million more shares were traded than the day before. In total, 30 million shares were bought and sold for approximately $7.88 million.
Genex Power Limited holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.
About Genex Power Limited:
Genex Power Limited engages in the generation and storage of renewable energy in Australia. It generates power through hydro, wind, and solar projects. The company was formerly known as Allied Resources Limited and changed its name to Genex Power Limited in August 2013. The company was incorporated in 2011 and is based in Sydney, Australia.
The Bendigo and Adelaide Bank Limited stock price gained 0.411% on the last trading day (Friday, 12th Apr 2024), rising from $9.74 to $9.78. During the last trading day the stock fluctuated 1.97% from a day low at $9.65 to a day high of $9.84. The price has fallen in 6 of the last 10 days and is down by -2.98% for this period. Volume fell on the last day by -740 thousand shares and in total, 2 million shares were bought and sold for approximately $14.94 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 Bendigo and Adelaide Bank Limited:
Bendigo and Adelaide Bank Limited provides banking and financial products and services to retail customers and small to medium sized businesses in Australia. The company operates through Consumer, Business, and Agribusiness segments. It offers a range of products and services, including personal and business banking, financial planning, commercial mortgages and unsecured loans, investment products, insurance, and superannuation. The company also provides retail banking products and services; home loans for the mortgage broker and mortgage manager market; rural bank products and services; wealth management services; investments and funds management services, commercial loans, access to funeral bonds, estates and trusts management services, and corporate trustee and custodial services; and banking products and services to agribusiness participants. It operates 139 Bendigo Bank, 319 Community Bank, 13 Delphi Bank, 16 Alliance Bank, and 4 private franchise branches, as well as 191 rural bank points. The company was founded in 1858 and is headquartered in Bendigo, Australia.
The Brickworks Limited stock price gained 0.518% on the last trading day (Friday, 12th Apr 2024), rising from $27.05 to $27.19. During the last trading day the stock fluctuated 1.76% from a day low at $26.75 to a day high of $27.22. The price has been going up and down for this period, and there has been a -2.58% loss 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, 14 thousand more shares were traded than the day before. In total, 164 thousand shares were bought and sold for approximately $4.46 million.
Brickworks 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 Brickworks Limited:
Brickworks Limited manufactures, sells, and distributes building products for the residential and commercial markets in Australia and North America. It operates through Building Products Australia, Building Products North America, Property, and Investments segments. The company's building products comprise clay bricks and pavers, cement, masonry blocks, retaining wall systems, engineered and stone pavers, precast walling and flooring panels, concrete and terracotta roof tiles, terracotta façades systems, floor tiles, timber battens, and fiber cement walling panels and roof battens. It also holds land; sells properties; and invests in companies. Brickworks Limited was incorporated in 1934 and is headquartered in Horsley Park, Australia.
The NRW Holdings Limited stock price fell by -0.351% on the last day (Friday, 12th Apr 2024) from $2.85 to $2.84. During the last trading day the stock fluctuated 2.14% from a day low at $2.81 to a day high of $2.87. The price has fallen in 5 of the last 10 days and is down by -0.35% for this period. Volume has increased on the last day by 239 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, 847 thousand shares were bought and sold for approximately $2.41 million.
NRW 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 NRW Holdings Limited:
NRW Holdings Limited, through its subsidiaries, provides diversified contract services to the resources and infrastructure sectors in Australia. It operates through three segments: Civil; Mining; and Minerals, Energy & Technologies. The Civil segment delivers private and public civil infrastructure, mine development, bulk earthworks, and commercial and residential subdivision projects. Its civil construction projects include roads, bridges, tailings storage facilities, rail formations, ports, renewable energy projects, water infrastructure, and concrete installations. The Mining segment engages in the mine management, contract mining, load and haul, dragline, drill and blast, and coal handling preparation plant operations; maintenance activities; and fabrication of water and service vehicles. The Minerals, Energy & Technologies segment provides materials handling, onsite maintenance, and shutdown services; industrial engineering and fabrication services; and engineering, procurement, construction, and operational services. The company also provides heat treatment services, as well as mining equipment solutions. NRW Holdings Limited was founded in 1994 and is headquartered in Belmont, Australia.
The REA Group Limited stock price fell by -1.45% on the last day (Friday, 12th Apr 2024) from $181.71 to $179.08. During the last trading day the stock fluctuated 1.63% from a day low at $178.65 to a day high of $181.57. The price has been going up and down for this period, and there has been a -3.68% loss for the last 2 weeks. Volume has increased on the last day by 32 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, 111 thousand shares were bought and sold for approximately $19.87 million.
REA Group Limited holds several negative signals and is within a falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
About REA Group Limited:
REA Group Limited engages in online property advertising business in Australia, Asia, and North America. It offers property and property-related services on websites and mobile apps. The company operates residential, commercial, share, and co-working property sites, such as realestate.com.au, realcommercial.com.au, spacely.com.au, Flatmates.com.au, iproperty.com.my, smartline.com.au, rumah123.com, iproperty.com.sg, squarefoot.com.hk, ThinkgOfLiving.com, myfun.com, smartexpos.com, makaan.com, housing.com, PropTiger.com, move.com, realtor.com, and 99.co. It also provides mortgage broking and home financing solutions. The company was formerly known as realestate.com.au Ltd. and changed its name to REA Group Limited in December 2008. REA Group Limited was founded in 1995 and is headquartered in Richmond, Australia. REA Group Limited operates as a subsidiary of news corporation.
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.
