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ASX Long Picks: MQG, BSL, MYO, BWP

By IGStock MarketsJun 21, 2016 04:12AM ET
www.investing.com/analysis/asx-momo-report-200137152
ASX Long Picks: MQG, BSL, MYO, BWP
By IG   |  Jun 21, 2016 04:12AM ET
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This is our weekly ASX MoMo (momentum) report. We have analyzed the ASX 200 through our stock screeners to give you the top stock recommendations with positive and negative momentum to help you get an edge in your trading. We also look at whether the ASX may be primed for a reversal based on its market internal indicators.

In this report we look at:

  • The ASX looks to be in the nascent stage of a relief rally as markets increasingly believe that the “Remain” vote will win the Brexit referendum.
  • Our top pick is long AX:MQG, we also have longs in AX:BSL, AX:MYO and AX:BWP.
  • Our one short is AX:SGM, which has been totally unfazed by the general increase in the index.
  • AX:TAH and AX:AST have both seen substantial increases in short positions in their stocks.
  • A run-down of the market internals for the ASX.
  • And the stocks that have seen unusually high volume moving through them, often precipitating major moves.

The ASX has bounced strongly off the 5100 level, and there looks to be enough momentum to carry it back above the 5300 level again.

The Brexit vote will dominate trade this week, and we have seen a noticeable move in positioning towards the “Remain” camp winning the vote. Were such a situation to occur, the relief rally could be enough to take the ASX back above 5400.

The market internals for the ASX do seem to be pointing to further gains. Companies at new 4-week lows have dropped dramatically, indicating sentiment in the index improved, which bodes well for the index this week.

To read the entire report, please click on the PDF file below:

ASX Long Picks: MQG, BSL, MYO, BWP
 

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ASX Long Picks: MQG, BSL, MYO, BWP

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