Join our daily newsletter At The Bell to receive exclusive market insights
This week’s HotCopper Hot Stock tip has been one Wealth Within analysts Fil Tortevski and Pedro Banales have been waiting to speak about for some time: BHP Limited (ASX:BHP), one of the biggest companies on the market.
Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.
“What I like about BHP is the level it found,” Mr Tortevski said, pointing to the $38 “base.”
The super-sized mining giant has had several bullish upward moves off the back of China stimulus – and “that bullish momentum is still in play,” the Wealth Within senior analyst continued, “until we break that base.”
Mr Tortevski then pointed to the weekly chart: “Is it a long-term play? Not so much, but there’s some really good opportunity medium to short term.”
“The only thing that would be is that it could poke to $43 before resistance.”
BHP last traded at $40.47 today after dropping 0.8%.
Proceed With Caution
Mr Tortevski and Mr Banales agreed National Australia Bank (ASX:NAB) could be one to “carefully” watch; its volatility shouldn’t get as bad as Week 8, they added.
NAB sold for around $35.39 today.
Not Hot
Finally, the Wealth Within duo warned Bendigo and Adelaide Bank (ASX:BEN) should be approached with a healthy heaping of caution. “Look at 2008… it’s working back. Seven times it’s hit a level it doesn’t like, so be careful.”
BEN dropped 1.76% through Tuesday to sell at $10.90 today.
This show comes in the lead-up to Wealth Within’s live YouTube show tonight at 7pm AEDT.
You can join conversations on Wealth Within’s tips on HotCopper here.
Disclaimer: While Wealth Within holds an Australian Financial Services License (AFSL:226347) the information featured in this program is general in nature and therefore should not be relied upon. Before making any investment decisions, you should consult a licensed professional who can advise whether your investment decisions are appropriate for you.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
