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.
0119 GMT [Dow Jones] Technical analysts have spotted a...
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Last
84.0¢ |
Change
0.015(1.82%) |
Mkt cap ! $698.7M | |||
| Open | High | Low | Value | Volume |
| 81.0¢ | 85.5¢ | 81.0¢ | $5.320M | 6.336M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 800 | 84.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 84.5¢ | 26167 | 3 |
View Market Depth
| Last trade - 16.10pm 26/06/2024 (20 minute delay) ? |
| MYR (ASX) Chart |