ThinkTechnical 23 September


A topical look at technical analysis factors for a number of ASX stocks of interest for 23 September.



In today's ThinkTechnical we'll take a look at the technical picture for technology-focussed stocks: Afterpay (APT), Codan (CDA), Family Zone Cyber Safety (FZO) and Objective Corporation (OCL); consumer discretionary stocks: Accent Group (AX1), Baby Bunting Group (BBN) and Domino Pizza Enterprises (DMP); copper-gold explorer Minotaur Exploration (MEP); financial services and agricultural company Elders (ELD); and aviation services provider Alliance Aviation Services (AQZ).

 

Afterpay (APT)

Afterpay (APT) 23 Sep 2020

Afterpay is in a short term uptrend, as evidenced by the 21 EMA located above the 34 EMA. The long term uptrend is well-defined, as evidenced by the 144 EMA located above the 233 EMA and with each EMA rising.

Static resistance will be encountered at the 03 Sep 2020 high of 86.48, and then at the 27 Aug 2020 high of 95.97.

Static support will be encountered at the 17 Sep 2020 low of 73.84, and then at the 09 Sep 2020 low of 70.06.

The dynamic short term support zone is defined by the 21-34 EMAs, projected between 76.35 and 77.25. The price has been consistently rebounding higher out of the short term dynamic support zone since the short term uptrend began in April. This highlights the importance of this zone as a future area of potential dynamic short term support going forwards.

Targets are to the 27 Aug 2020 high of 95.97. Beyond 95.97, APT is at all-time highs, and therefore targets are open ended. Note however, static support will likely be ecountered at the 100.00 round number.

Traders may wish to buy at the static and dynamic support zones with stops set below these levels. If this cannot be achieved, then traders may have to consider buying on a breach of today's high of 81.08.

 

Alliance Aviation Services (AQZ)

Alliance Aviation Services (AQZ) 23 Sep 2020

Alliance Aviation Services is in a short term uptrend, as evidenced by the 21 EMA located above the 34 EMA. The long term uptrend is well-defined, as evidenced by the 144 EMA located above the 233 EMA and with each EMA rising.

Static resistance will be encountered at the 17 Sep 2020 high of 3.74, and then at the 06 Aug 2020 high of 3.77.

Static support will be encountered at the 22 Sep 2020 low of 3.40, and then at the 07 Sep 2020 low of 3.31.

The dynamic short term support zone is defined by the 21-34 EMAs, projected between 3.46 and 3.52. The price has been consistently rebounding higher out of the short term dynamic support zone since the short term uptrend began in April. This highlights the importance of this zone as a future area of potential dynamic short term support going forwards.

Beyond 3.77, AQZ is at all-time highs, and therefore targets are open ended. Note however, static support will likely be ecountered at the 4.00 round number.

Traders may wish to buy at the static and dynamic support zones with stops set below these levels. If this cannot be achieved, then traders may have to consider buying on a breach of 3.77.

 

Accent Group (AX1)

Accent Group (AX1) 23 Sep 2020

Accent Group is in a well-defined short term uptrend, as evidenced by the 21 EMA located above the 34 EMA and with each EMA rising. The long term trend is undefined, as evidenced the 144 EMA located below the 233 EMA but with each EMA rising. It is likely that these EMAs cross in the near future, therefore initiating a new long term uptrend.

Static resistance will be encountered at the 18 Sep 2020 high of 1.680, and then at the 25 Aug 2020 high of 1.790.

Static support will be encountered at the 22 Sep 2020 low of 1.510, and then at the 09 Sep 2020 low of 1.450.

The dynamic short term support zone is defined by the 21-34 EMAs, projected between 1.525 and 1.550. The price has been consistently rebounding higher out of the short term dynamic support zone since the short term uptrend began in May. This highlights the importance of this zone as a future area of potential dynamic short term support going forwards.

The dynamic long term resistance zone is defined by the 21-34 EMAs, projected between 1.410 and 1.420. Interestingly, the price has been consistently rebounding higher out of this zone since August. It is likely it will continue to provide dynamic long term support until the long term EMAs cross over to officially initiate a new long term uptrend.

Targets are to the 21 Feb 2020 high of 2.200. Beyond 2.200, AX1 is at all-time highs, and therefore targets are open ended. 

Traders may wish to buy at the static and dynamic support zones with stops set below these levels. If this cannot be achieved, then traders may have to consider buying on a breach of 1.680.

 

Baby Bunting Group (BBN)

Baby Bunting Group (BBN) 23 Sep 2020

Baby Bunting Group is in a well-defined short term uptrend, as evidenced by the 21 EMA located above the 34 EMA and with each EMA rising. The long term uptrend is also well-defined, as evidenced by the 144 EMA located above the 233 EMA and with each EMA rising.

Static resistance will be encountered at the 21 Sep 2020 high of 4.77, which coincides with the 27 Aug 2020 high of 4.77.

Static support will be encountered at the 22 Sep 2020 low of 4.39, and then at the 14 Sep 2020 low of 4.02, which coincides with the 4.00 round number.

Note that static support at 4.39 coincides with dynamic short term support expected to be encountered in the zone defined by the 21-34 EMAs, projected between 4.25 and 4.40. The price has been consistently rebounding higher out of the short term dynamic support zone since the short term uptrend began in April. This highlights the importance of this zone as a future area of potential dynamic short term support going forwards.

Beyond 4.77, BBN is at all-time highs, and therefore targets are open ended. 

Traders may wish to buy at the static and dynamic support zones with stops set below these levels. If this cannot be achieved, then traders may have to consider buying on a breach of 4.77.

 

Codan (CDA)

Codan (CDA) 23 Sep 2020

Codan is in a well-defined short term uptrend, as evidenced by the 21 EMA located above the 34 EMA and with each EMA rising. The long term uptrend is also well-defined, as evidenced by the 144 EMA located above the 233 EMA and with each EMA rising.

Static resistance will be encountered at the 26 Aug 2020 high of 11.37.

Static support will be encountered at the 22 Sep 2020 low of 10.55, and then at the 04 Sep 2020 low of 10.32.

Note that static support at 10.55 coincides with dynamic short term support expected to be encountered in the zone defined by the 21-34 EMAs, projected between 10.25 and 10.60. The price has been consistently rebounding higher out of the short term dynamic support zone since the short term uptrend began in May. This highlights the importance of this zone as a future area of potential dynamic short term support going forwards.

Beyond 11.37, CDA is at all-time highs, and therefore targets are open ended. Note however, static resistance will likely be ecountered at the 12.00 round number.

Traders may wish to buy at the static and dynamic support zones with stops set below these levels. If this cannot be achieved, then traders may have to consider buying on a breach of today's high of 11.48.

 

Domino's Pizza Enterprises (DMP)

Domino's Pizza Enterprises (DMP) 23 Sep 2020

Domino's Pizza Enterprises is in a short term uptrend, as evidenced by the 21 EMA located above the 34 EMA. The long term uptrend is well-defined, as evidenced by the 144 EMA located above the 233 EMA and with each EMA rising.

Static resistance will be encountered at the 08 Sep 2020 high of 82.88, and then at the 26 Aug 2020 high of 87.58.

Static support will be encountered at the 13 Aug 2020 high of 78.00, which coincides with the 21 Sep 2020 low of 77.70.

The dynamic short term support zone is defined by the 21-34 EMAs, projected between 80.00 and 80.75. The price has been consistently rebounding higher out of the short term dynamic support zone since the short term uptrend began in May. This highlights the importance of this zone as a future area of potential dynamic short term support going forwards.

Beyond 87.80, DMP is at all-time highs, and therefore targets are open ended. Note however, static support will likely be ecountered at the 100.00 round number.

Traders may wish to buy at the static and dynamic support zones with stops set below these levels. If this cannot be achieved, then traders may have to consider buying on a breach of 82.88.

 

Elders (ELD)

Elders (ELD) 23 Sep 2020

Elders is in a well-defined short term uptrend, as evidenced by the 21 EMA located above the 34 EMA and with each EMA rising. The long term uptrend is also well-defined, as evidenced by the 144 EMA located above the 233 EMA and with each EMA rising.

Static resistance will be encountered at the 28 Jul 2020 high of 10.79.

Static support will be encountered at the 19 Aug 2020 high of 10.58, and then at the 09 Sep 2020 low of 9.88.

The dynamic short term support zone is defined by the 21-34 EMAs, projected between 10.25 and 10.30. The price has been consistently rebounding higher out of the short term dynamic support zone since the short term uptrend began in April. This highlights the importance of this zone as a future area of potential dynamic short term support going forwards.

Beyond 10.79, ELD has little in the way of key price action-based static resistance points to impede upside progress. Note however, static resistance will likely be ecountered at the 12.00 round number.

Traders may wish to buy at the static and dynamic support zones with stops set below these levels.

 

Family Zone Cyber Safety (FZO)

Family Zone Cyber Safety (FZO) 23 Sep 2020

Family Zone Cyber Safety is in a well-defined short term uptrend, as evidenced by the 21 EMA located above the 34 EMA and with each EMA rising. The long term uptrend is also well-defined, as evidenced by the 144 EMA located above the 233 EMA and with each EMA rising.

Static resistance will be encountered at the 18 Sep 2020 high of 0.520, and then at the 17 Aug 2020 high of 0.635.

Static support will be encountered at the 22 Sep 2020 low of 0.470, and then at the 04 Sep 2020 low of 0.410.

Note that static support at 0.470 coincides with dynamic short term support expected to be encountered in the zone defined by the 21-34 EMAs, projected between 0.470 and 0.485. The price has been consistently rebounding higher out of the short term dynamic support zone since the short term uptrend began in April. This highlights the importance of this zone as a future area of potential dynamic short term support going forwards.

Targets are to the 17 Aug 2020 high of 0.635. Beyond 0.635, FZO has little in the way of key price action-based static resistance points to impede upside progress. Note however, static resistance will likely be encountered at the 1.000 round number.

Traders may wish to buy at the static and dynamic support zones with stops set below these levels. If this cannot be achieved, then traders may have to consider buying on a breach of today's high of 0.525.

 

Minotaur Exploration (MEP)

Minotaur Exploration (MEP) 23 Sep 2020

Minotaur Exploration is in a short term uptrend, as evidenced by the 21 EMA located above the 34 EMA. The long term uptrend is well-defined, as evidenced by the 144 EMA located above the 233 EMA and with each EMA rising.

Static resistance will be encountered at the 20 Aug 2020 high of 0.060.

Static support will be encountered at the 21 Sep 2020 low of 0.051, and then at the 14 Sep 2020 low of 0.048.

The dynamic short term support zone is defined by the 21-34 EMAs, projected between 0.051 and 0.053. The price has been consistently rebounding higher out of the short term dynamic support zone since the short term uptrend began in August. This highlights the importance of this zone as a future area of potential dynamic short term support going forwards.

Beyond 0.060, MEP has little in the way of key price action-based static resistance points to impede upside progress. Note however, static support will likely be encountered at the 0.100 round number.

Traders may wish to buy at the static and dynamic support zones with stops set below these levels. If this cannot be achieved, then traders may have to consider buying on a breach of today's high of 0.056.

 

Objective Corporation (OCL)

Objective Corporation (OCL) 23 Sep 2020

Objective Corporation is in a well-defined short term uptrend, as evidenced by the 21 EMA located above the 34 EMA and with each EMA rising. The long term uptrend is also well-defined, as evidenced by the 144 EMA located above the 233 EMA and with each EMA rising.

Static resistance will be encountered at the 21 Sep 2020 high of 12.70, and then at the 10 Sep 2020 high of 13.00.

Static support will be encountered at the 22 Sep 2020 low of 12.03, and then at the 07 Sep 2020 low of 11.73.

Note that static support at 12.03 coincides with dynamic short term support expected to be encountered in the zone defined by the 21-34 EMAs, projected between 11.65 and 12.05. The price has been consistently rebounding higher out of the short term dynamic support zone since the short term uptrend began in April. This highlights the importance of this zone as a future area of potential dynamic short term support going forwards.

Beyond 13.00, OCL is at all-time highs, and therefore targets are open ended. Note however, static resistance will likely be ecountered at the 15.00 round number.

Traders may wish to buy at the static and dynamic support zones with stops set below these levels. If this cannot be achieved, then traders may have to consider buying on a breach of 12.70.



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