Breakout Stocks of Week 7 @ ASX
NASDAQ was down last week (week 6) by -1.34% ending at 15,775.65 points after falling -215.01 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 New Hope Corporation Limited ASX:NHC. This stock has had a buy signal since Feb 16, 2024 when the price was $5.06 , but have so far fallen 0% to $5.06. Some other companies are on our watchlist to, among these are Regis Resources Limited ASX:RRL Event Hospitality & Entertainment Limited ASX:EVT Whitehaven Coal Limited ASX:WHC and GUD Holdings Limited ASX:GUD which all got a breakout pattern emerging.
| Date | Company | Price | Week 7 |
|---|---|---|---|
| New Hope Corporation Limited | $5.06 | $4.47 | -11.66% |
| Regis Resources Limited | $1.98 | $1.81 | -8.61% |
| Event Hospitality & Entertainment Limited | $11.27 | $11.47 | 1.77% |
| Whitehaven Coal Limited | $7.13 | $6.98 | -2.10% |
| Gud Holdings Limited | $11.02 | $11.03 | 0.0907% |
The New Hope Corporation Limited stock price gained 1.20% on the last trading day (Friday, 16th Feb 2024), rising from $5.00 to $5.06. During the last trading day the stock fluctuated 2.01% from a day low at $4.98 to a day high of $5.08. The price has fallen in 7 of the last 10 days and is down by -4.89% for this period. Volume fell on the last day by -1 million shares and in total, 3 million shares were bought and sold for approximately $17.23 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 New Hope Corporation Limited:
New Hope Corporation Limited explores, develops, produces, and processes coal, and oil and gas properties. It operates through three segments: Coal Mining in Queensland, Coal Mining in New South Wales, and Other. The company holds interests in two open-cut coal mines that produce thermal coal, which include the New Acland project located in north Oakey, Queensland; and the Bengalla mine situated in the Hunter Valley region of New South Wales. It also holds 849 square kilometers of net oil-producing acreage in nine production projects located in the Cooper-Eromanga Basin. In addition, the company engages in the farming, grazing, and land management activities; operation of bulk handling facility; port operation; and logistics and marketing business. It has operations in Japan, China, Taiwan, Chile, Korea, Vietnam, India, Australia, and internationally. The company was incorporated in 1986 and is headquartered in Brisbane, Australia.
The Regis Resources Limited stock price gained 0.765% on the last trading day (Friday, 16th Feb 2024), rising from $1.96 to $1.98. During the last trading day the stock fluctuated 3.06% from a day low at $1.96 to a day high of $2.02. The price has been going up and down for this period, and there has been a -2.71% loss for the last 2 weeks. Volume fell on the last day by -5 thousand shares and in total, 3 million shares were bought and sold for approximately $5.36 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.
Regis Resources 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 Regis Resources Limited:
Regis Resources Limited, together with its subsidiaries, engages in the exploration, evaluation, and development of gold projects in Australia. It owns 100% interests in the Duketon gold project located in the North Eastern Goldfields of Western Australia; and the McPhillamys gold project situated in the Central Western region of New South Wales. Regis Resources Limited was incorporated in 1986 and is based in Subiaco, Australia.
The Event Hospitality & Entertainment Ltd stock price gained 1.08% on the last trading day (Friday, 16th Feb 2024), rising from $11.15 to $11.27. During the last trading day the stock fluctuated 6.89% from a day low at $11.03 to a day high of $11.79. The price has fallen in 8 of the last 10 days and is down by -10.34% for this period. Volume fell on the last day by -133 thousand shares and in total, 232 thousand shares were bought and sold for approximately $2.62 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.
Event Hospitality & Entertainment Ltd 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 Event Hospitality & Entertainment Limited:
Event Hospitality & Entertainment Limited operates as an entertainment, hospitality, and leisure company in Australia, New Zealand, and Germany. The company operates through Entertainment, Hotels and Resorts, Thredbo Alpine Resort, and Property and Other Investments segments. It is involved in cinema exhibition operations under the Event Cinemas, Moonlight Cinemas, Greater Union and Birch, and Carroll & Coyle cinemas brands; and the operation of Cinebuzz Rewards, a movie loyalty program, as well as State Theatre, a 2,000-seat theatre located in Sydney. The company also supplies cinema technology solutions to the industry in digital and electronic cinema, and film projection portfolios; owns, operates, and manages hotels and resorts under the Rydges, QT, Atura, and Thredbo Alpine brand names; and operates Priority Guest Rewards, a hotel and resort rewards program. In addition, it invests in, develops, and rents properties; and invests in shares of unlisted companies. The company was formerly known as Amalgamated Holdings Limited and changed its name to Event Hospitality & Entertainment Limited in December 2015. Event Hospitality & Entertainment Limited was founded in 1910 and is headquartered in Sydney, Australia.
The Whitehaven Coal Limited stock price gained 0.706% on the last trading day (Friday, 16th Feb 2024), rising from $7.08 to $7.13. During the last trading day the stock fluctuated 2.05% from a day low at $7.07 to a day high of $7.21. The price has fallen in 7 of the last 10 days and is down by -12.94% for this period. Volume fell on the last day by -8 million shares and in total, 13 million shares were bought and sold for approximately $89.36 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.
Whitehaven Coal 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 Whitehaven Coal Limited:
Whitehaven Coal Limited develops and operates coal mines in New South Wales and Queensland. The company operates in two segments, Open Cut Operations and Underground Operations. It produces metallurgical and thermal coal. The company operates four mines in the Gunnedah Coal Basin in North West New South Wales, three open cut mines at Maules Creek, Tarrawonga, and Werris Creek; and one underground mine at Narrabri. It sells its coal in Japan, Taiwan, Korea, India, Malaysia, Thailand, New Caledonia, Indonesia, Vietnam, the Philippines, China, and internationally. Whitehaven Coal Limited was founded in 1999 and is based in Sydney, Australia.
The GUD Holdings Limited stock price gained 0.182% on the last trading day (Friday, 16th Feb 2024), rising from $11.00 to $11.02. During the last trading day the stock fluctuated 3.12% from a day low at $10.90 to a day high of $11.24. The price has fallen in 6 of the last 10 days and is down by -9.52% for this period. Volume fell on the last day by -255 thousand shares and in total, 751 thousand shares were bought and sold for approximately $8.28 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.
GUD 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 GUD Holdings Limited:
GUD Holdings Limited, through its subsidiaries, engages in the manufacture and importation, distribution, and sale of automotive products, pumps, pool and spa systems, and water pressure systems in Australia, New Zealand, France, and the United States. It operates through Automotive and Davey segments. The Automotive segment offers automotive and heavy-duty filters for cars, trucks, and agricultural and mining equipment; and fuel pumps and associated products for the automotive after-market. The Davey segment provides pumps and pressure systems for household and farm water; water transfer pumps; swimming pool products; spa bath controllers; and pumps and water purification equipment. The company was incorporated in 1958 and is based in Altona North, 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.
