0119 GMT [Dow Jones] Technical analysts have spotted a potentially lucrative trading pattern for Australian retailer Myer (MYR.AU). "While Myer has not been our favourite in the sector, because of its down-trodden price, we can see a trading opportunity for those happy to deal with a little risk," says Michael **le, portfolio manager at Fairmont Equities in Sydney. He says recent moves up were characterized by "good volume and impulsiveness," while moves down came with lower volume, making a rise just under A$2.00 possible. While official data shows Myer remains one of the most heavily shorted stocks on the ASX, indicating a longer-term downtrend, **le sees enough upside for a trade in the short term. Myer last traded 0.3% lower at A$1.46 Wednesday morning. ([email protected])
Editor JSM
(END) Dow Jones Newswires
May 19, 2015 21:19 ET (01:19 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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Last
64.5¢ |
Change
-0.015(2.27%) |
Mkt cap ! $536.5M | |||
| Open | High | Low | Value | Volume |
| 66.0¢ | 66.5¢ | 64.0¢ | $980.4K | 1.504M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 11768 | 64.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 64.5¢ | 95425 | 2 |
View Market Depth
| Last trade - 16.10pm 21/06/2024 (20 minute delay) ? |
| MYR (ASX) Chart |