Anticipated COH breakout is here | Michael Gable | Finance News Network

Anticipated COH breakout is here

by Michael Gable

Cochlear has gone from market darling to market punching bag. Most analysts don't like it and valuations are lower than where it is trading. That could open it up to a contrarian trade. Despite what the other analysts are saying, we can see that the market seems to be tiring of its negativity with COH. The pullback from 2013 has lost momentum and we can see here that the price was starting to round off under $60. We mentioned two weeks ago here in Stock Watch that the $60 level appears to be the key in our opinion http://www.finnewsnetwork.com.au/archives/finance_news_network76769.

We alerted viewers to the fact that if COH can break that level and hold, then it has the potential to rally higher. The next levels of resistance are at $64 and then close to $70. Now that it has broken through today, we expect it to go for a run. It could cool off a little in the next day or two but as long as it stays in the $60's, then that would be the buy zone. 

Disclaimer

Disclaimer: Michael Gable is an Authorised Representative (No. 376892) and Fairmont Equities is a Corporate Authorised Representative (No. 444397) of Novus Capital Limited (AFS Licence No. 238168). The information contained in this report is general information only and is copy write to Fairmont Equities. Fairmont Equities reserves all intellectual property rights. This report should not be interpreted as one that provides personal financial or investment advice. Any examples presented are for illustration purposes only. Past performance is not a reliable indicator of future performance. No person, persons or organisation should invest monies or take action on the reliance of the material contained in this report, but instead should satisfy themselves independently (whether by expert advice or others) of the appropriateness of any such action. Fairmont Equities, it directors and/or officers accept no responsibility for the accuracy, completeness or timeliness of the information contained in the report.