Bendigo Bank to outperform the Big 4

by Michael Gable

Unlike the major 4 banks, BEN is still a long way below its all time highs where it requires a rally in the order of 80%. However, that is not to say that it we are not going to see further upside in the stock. Looking at the wave structure since May 2012, it appears as though it is currently in a continuation pattern that we can label as wave 4. It may require another couple of weeks hovering around the $10 mark, but if it breaks to the upside, we should expect it to commence wave 5 which would take the share price up towards $12 - $12.50. If we see the stock break to the downside instead, then it should find strong support around $8.80.


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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