Antofagasta PLC
Last week Antofagasta made a new 52 week high of 964.6p, but again moves to entry point of 900.0p indicating stock is still in a consolidation phase between 900.0p and 950.0p. MACD (moving average convergence/divergence) is positive and 12 day EMA (exponential moving average) is still below 26 day EMA indicating consolidation. 14 day RSI (relative strength index) is above 50 indicating strength in trend and the potential to move upside. Positive DMI (directional moving index) is above negative DMI, which indicates consolidation with higher lows. Looking at consolidation phase stock should be a hold with a reduced profit target of 960.0p.
Imperial Tobacco Group PLC
Imperial has completed a ‘V’ pattern between 1756.0p and 1900.0p, last week it made a new 52 week high of 1924.2p and is in a consolidation phase around 1900.0p. The trend for the stock looks positive as MACD is positive and 12 day EMA is above 26 day EMA, which indicate an uptrend. 14 day RSI is above 60 showing strength in trend and the potential to move further upside. 14 day positive DMI is above 14 day negative DMI indicating uptrend. Looking at consolidation phase stock should be a hold with a reduced profit target of 1924.0p.
TUI Travel PLC
On the daily chart, TUI rebounded from high of 264.0p but being above support level of 250.0p is encouraging. MACD is positive with 12 day EMA above 26 day EMA indicating an uptrend for the stock. RSI is above 50 indicating strength in trend. 14 day positive DMI is above negative DMI indicating uptrend. Stock should be a hold with reduced profit target of 260.0p.
Fidessa Group PLC
Last week Fidessa broke above 1200.0p indicate positive trend for the stock after consolidation above 1100.0p. MACD is positive and 12 day EMA above 26 day EMA, indicating an uptrend is forming. 14 day RSI is above 50 and both the indicators are making an uptrend. 14 day positive DMI is above 14 day negative indicating uptrend. Stock has crossed above 20 day EMA and still above 200 day EMA which indicates the short term bullish trend. Stock should be a hold with the same profit target.
Aggreko PLC
On the daily chart Aggreko hit profit target of 892.24p after it breakout from ‘W’ pattern. Stock is also trading above the positive trendline indicating a bullish trend. MACD is positive and 12 day EMA is above 26 day EMA indicating positive trend. Stock prices are also trading below 20 and 50 day EMA confirming the uptrend is intact. RSI is above 70 indicating stock is overbought. Positive DMI is above negative DMI indicating positive trend. All position should be closed for the stock.
ARM Holding PLC
On the daily chart, ARM is consolidating above 170.0p is quite encouraging and is trading above the trendline joining the January 2009 low, which indicates the long-term positive trend is intact. Momentum oscillator MACD is positive and 12 day EMA is above 26 day EMA indicating strength in trend. RSI is near 60 indicating positive trend. 14 day positive DMI is above 14 day negative DMI indicating uptrend. Looking at lack of movement in stock it should be a hold with reduced profit target of 177.0p
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Risk Factors
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Regulatory disclosures
In accordance with the Conduct of Business Rules COBS12.4.7R (i) in the preparation of the report the analyst used price and volume charts provided by independent data suppliers and applied technical analysis tools of investment and trading evaluation in arriving at his recommendations, ii) all recommendations made by the analyst are followed up in subsequent reports until the closure of a position, iii) there is no certainty that any recommendation will be successful or that technical analysis should be used exclusively to arrive at investment decisions.
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Distribution of recommendations for the period 1st July to 30th September 2009:
| |
% Distribution of recommendations |
No of recommendation |
| Buy |
81% |
21 |
| Hold |
0 |
0 |
| Sell |
19% |
5 |
The first column displays the % distribution of recommendations made by CSS Partners in this Technical Analysis Trading programme and the second column shows the numbers of such recommendation. Neither CSS nor CSS Partners has any investment banking relationships with any of the companies covered in the Technical Analysis Trading Programme, namely the companies in the FTSE 350 index.
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