Trading tip - Wesfarmers (WES) at key support

by Michael Gable

Wesfarmers at the moment looks fully valued but from a charting perspective it has come back to a well trodden support level. You will notice that over the last 2 years, WES has traded within a range between about $41 and $45. It has momentarily moved beyond these levels of course, but in the absence of a sudden breakdown towards $40, we would expect WES to find support here again and head back up towards the upper end of this recent trading band. 

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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.