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Wealth Within’s ‘Hot Stock’ tip this week is one of Australia’s big four banks, ANZ Group Holdings (ASX:ANZ).
Host Filip Tortevski argues ANZ has ‘really performed’.
“All things are leading to a nice continued run-up and resumption of this very uniform up-trend that it’s experiencing,” he said.
“As ANZ runs through these uptrends, it does experience more sharpness in its moves, and that’s when, really, you need to pay attention.
“Be prepared for upside, but also be prepared that at some time this upside will subdue.”
Mr Tortevski says history suggests the stock could test the $31.80 level.
ANZ closed below $30 today.
Proceed with Caution
Uranium producer Paladin Energy (ASX:PDN) is Mr Tortevski’s ‘Proceed with Caution’ pick this week.
He said it was a positive caution, because the stock had been in a bullish uptrend, but was volatile and had pulled back close to 50%.
It closed at $10.24 today.
Not Hot
Mr Tortevski’s ‘Not Hot’ stock pick this week is Liontown Resources (ASX:LTR).
The lithium play has plummeted from its highs around $3.20 in June last year, in the days when it was pursued by Albemarle. Since then Gina Rinehart has secured 19.9% and Albemarle has sold down its 4% stake.
While Liontown produced its first spodumene recently from the Kathleen Valley project, Liontown was at a 52-week low yesterday. It closed below 80 cents today.
Dale Gillham is Chief Analyst at Wealth Within and international bestselling author of How to Beat the Managed Funds by 20%. He is also the author of Accelerate Your Wealth—It’s Your Money, Your Choice, which is available in bookstores and online at www.wealthwithin.com.au
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