Breakout Stocks of Week 18 @ ASX
NASDAQ was up last week (week 17) by 4.23% ending at 15,927.90 points after gaining 645.89 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 Xero Limited ASX:XRO. This stock has had a buy signal since Apr 26, 2024 when the price was $120.24 , but have so far fallen 0% to $120.24. Some other companies are on our watchlist to, among these are Qube Holdings Limited ASX:QUB Incitec Pivot Limited ASX:IPL Macquarie Group Limited ASX:MQG and Scentre Group ASX:SCG which all got a breakout pattern emerging.
| Date | Company | Price | Week 18 |
|---|---|---|---|
| Xero Limited | $120.24 | $125.22 | 4.14% |
| Qube Holdings Limited | $3.25 | $3.51 | 8.00% |
| Incitec Pivot Limited | $2.74 | $2.79 | 1.82% |
| Macquarie Group Limited | $186.41 | $183.83 | -1.38% |
| Scentre Group | $3.10 | $3.15 | 1.61% |
The Xero Limited stock price gained 0.359% on the last trading day (Friday, 26th Apr 2024), rising from $119.81 to $120.24. During the last trading day the stock fluctuated 2.28% from a day low at $117.56 to a day high of $120.24. The price has risen in 6 of the last 10 days but is still down by -1.28% for this period. Volume fell on the last day by -55 thousand shares and in total, 315 thousand shares were bought and sold for approximately $37.92 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.
Xero 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 Xero Limited:
Xero Limited, together with its subsidiaries, operates as a software as a service company in New Zealand, Australia, the United Kingdom, and internationally. The company offers Xero, an open platform that connects small businesses to a range of solutions, which helps to manage their finances. It also provides Xero mobile app; and accountant/bookkeeper tools, including Xero HQ, Xero Practice Manager, Xero Workpapers, and Xero Cashbook or Xero Ledger. Xero Limited was incorporated in 2006 and is headquartered in Wellington, New Zealand.
The Qube Holdings Limited stock price fell by -2.99% on the last day (Friday, 26th Apr 2024) from $3.35 to $3.25. During the last trading day the stock fluctuated 2.46% from a day low at $3.25 to a day high of $3.33. The price has fallen in 5 of the last 10 days and is down by -2.4% 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 -646 thousand shares and in total, 2 million shares were bought and sold for approximately $5.44 million.
Qube 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 Qube Holdings Limited:
Qube Holdings Limited, together with its subsidiaries, provides logistics solutions for import and export supply chain in Australia. The company's Operating Division offers services relating to the import and export of primarily containerized cargo. This division provides various services, including physical and documentary processes, and tasks of the import/export supply chain, such as road and rail transport of containers to and from ports, operation of container parks, customs and quarantine services, warehousing, intermodal terminals, international freight forwarding, and bulk rail haulage for rural commodities. It also offers a range of logistics services relating to the import and export of primarily non-containerized freight with a focus on automotive, bulk, and break bulk products; an integrated logistics solution for the automotive industry covering a range of activities comprising stevedoring, processing, and delivery; and logistics solution from mine-to-ship activities, including transport, stockpile management, storage facilities, and stevedoring. In addition, this division provides stevedoring and related logistics services for the oil and gas industry, forestry products, and project and general cargo; handles a range of commodities that include iron ore, copper, nickel concentrate, and mineral sands; and owns a multi-user facility for the stevedoring industry. The company's Property Division owns a 243-hectare parcel of land in the Moorebank logistics park project; and provides container stevedoring services in Australia. The company was formerly known as Qube Logistics Holdings Limited and changed its name to Qube Holdings Limited in November 2012. Qube Holdings Limited was incorporated in 2011 and is based in Sydney, Australia.
The Incitec Pivot Limited stock price fell by -1.08% on the last day (Friday, 26th Apr 2024) from $2.77 to $2.74. During the last trading day the stock fluctuated 1.84% from a day low at $2.72 to a day high of $2.77. The price has been going up and down for this period, and there has been a -1.08% loss for the last 2 weeks. Volume has increased on the last day by 326 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 $7.89 million.
Incitec Pivot 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 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 Macquarie Group Limited stock price fell by -0.613% on the last day (Friday, 26th Apr 2024) from $187.56 to $186.41. During the last trading day the stock fluctuated 1.23% from a day low at $184.40 to a day high of $186.66. The price has fallen in 7 of the last 10 days and is down by -1.83% 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 -33 thousand shares and in total, 529 thousand shares were bought and sold for approximately $98.64 million.
Macquarie Group 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 Macquarie Group Limited:
Macquarie Group Limited provides diversified financial services in Australia, the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company operates through four segments: Macquarie Asset Management (MAM), Banking and Financial Services (BFS), Commodities and Global Markets (CGM), and Macquarie Capital. The MAM segment provides investment solutions to clients across various capabilities in private markets and public investments, including infrastructure, green investments, agriculture and natural assets, real estate, private credit, asset finance, equities, fixed income, and multi-asset solutions. The BFS segment offers personal banking products comprising home loans, car loans, transaction and savings accounts, and credit cards; and wrap platform and cash management, financial advisory, private banking, and stockbroking services, as well as investment and superannuation products. It also provides deposit, lending, and payment solutions and services to business clients, such as sole practitioners to corporate professional firms. The CGM segment provides risk management, lending and financing, capital solutions, market access, and physical execution and logistics to corporate and institutional clients; and specialist finance and asset management solutions. The Macquarie Capital segment provides advisory and capital raising services. It is also involved in facilitation, and development and investment in infrastructure and energy projects and companies; and trading of fixed income, equities, foreign exchange, and commodities, as well as provides broking services, corporate and structured finance, and leasing and underwriting services. Further, the company engages in the distribution and management of funds and wealth management products. Macquarie Group Limited was founded in 1969 and is headquartered in Sydney, Australia.
The Scentre Group stock price fell by -1.90% on the last day (Friday, 26th Apr 2024) from $3.16 to $3.10. During the last trading day the stock fluctuated 1.30% from a day low at $3.08 to a day high of $3.12. The price has fallen in 6 of the last 10 days and is down by -4.32% 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 -5 million shares and in total, 7 million shares were bought and sold for approximately $21.42 million.
Scentre Group 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 Scentre Group:
Scentre Group (ASX Code: SCG) is the owner and operator of Westfield in Australia and New Zealand with interests in 42 Westfield Living Centres, encompassing approximately 12,000 outlets.
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.
