Brambles bullish reversal (short term) | Gary Glover | Finance News Network

Brambles bullish reversal (short term)

by Gary Glover

I have spoken about the three thrust high and low pattern before.  Alot of significant highs and lows are marked with this type of pattern of trend and a fast reversal is one of the characteristics of a successful reversal.  You can see how quickly fortunes changed after these patterns eventuated on CBA and GNS.
Although the brambles example here is on a daily chart set up (weekly set ups are more significant) it is still a very worthy technical pattern and I would expect a rally up towards the swing low, just above $6.00 in the short term.  My only concern with this trade is I don't rate Brambles fundamentally, they have failed to adapt to a changing industry by persisting with old technology, chep pallets, while it's competitors have moved to suppliers demands for better supply chain initiatives.  I view this situation as oversold currently and would not over stay your position in this trade as a strong but short term bounce is all that we might get.





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Gary Glover is an Authorised Representative (Rep No. 259215) of Novus Capital Limited ("Novus"). Novus is a holder of Australian Financial Services Licence No 238 168. Novus, its directors, officers, associates and employees each declare that they, from time to time, may hold interests in financial products and/or earn brokerage, commission, fees or other benefits from financial products mentioned in this e-mail or attached documents. Unless specifically stated within this page or an attached document, any information communicated by this e-mail constitutes unsolicited general financial product advice which has been compiled without regard to any investor's individual objectives, financial situation or needs. It is not specific advice for any particular investor. Before making any decision about the information provided, you need to consider the appropriateness of this information having regard to your individual objectives, financial situation and needs and consult your adviser. Any indicative information and assumptions used here are summarised and also may change without notice to you, particularly if based on past performance or relate to a future matter.