Altium has taken a bit of a step back today, along with WTC (another hitech leader) based on lower sales stemming from Beijing virus lockdown.
From a technical perspective ALU appears to be making a Wyckoff pattern and while it could potentially retrace to $30 I suspect support at $31.71 should hold. Still making higher highs and higher lows on the weekly with the longer term potential for price to return to the top of its trading channel of the past 3 years - ie possibly around $50 but too far off to be positive about this or its timing. IMO the stock represents good value as a long term hold and an interim short term target of $41.22 if price recovers to move above resistance overhead at $38. ALU's China reliance is the wild card with China flexing its muscle at Australia recently.
Chart - Altium
Add ALU (ASX) to my watchlist
 (20min delay)
|
|||||
|
Last
$67.00 |
Change
0.170(0.25%) |
Mkt cap ! $8.839B | |||
| Open | High | Low | Value | Volume |
| $66.88 | $67.00 | $66.81 | $101.5M | 1.518M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 1513 | $66.99 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $67.01 | 700 | 1 |
View Market Depth
| Last trade - 16.10pm 31/05/2024 (20 minute delay) ? |
|
|||||
|
Last
$66.87 |
Change
0.170 ( 0.09 %) |
||||
| Open | High | Low | Volume | ||
| $66.87 | $66.89 | $66.82 | 319788 | ||
| Last updated 15.59pm 31/05/2024 ? | |||||
| ALU (ASX) Chart |