Great opportunity to short Myer

by Michael Gable

Myer has once again dissapointed the market by reporting a loss this morning. Looking at the chart, after being sold off quite strongly during May-June, the stock staged a very corrective recovery to the 50% retracement level. The stock has now broken that short term uptrend and is starting a heavy slide again. Traders should place a stop just above the previous high at $1.92 and the downside target is the sub-$1.50 level.


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.

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