Cleanaway Waste Management (ASX:CWY) is Wealth Within’s Hot Stock Tip this week as hosts Filip Tortevski and Dale Gillham say charts suggest there may be upwards momentum in trade.
The show, in collaboration with HotCopper and The Market Online, is hosted by Wealth Within’s professional trader Filip Tortevski and chief analyst Dale Gillham.
CWY had a huge upwards run this month, ‘breaking a level of resistance’ and today has been trading around $2.80.
The ‘Proceed with Caution’ stock is Monadelphous Group (ASX:MND), a stock that can be ‘volatile’ and is impacted by the success of its clients – large mining companies including Fortescue (ASX:FMG), BHP Group (ASX:BHP) and Rio Tinto (ASX:RIO).
Monadelphous has been trading around $14.05 and Mr Tortevski and Mr Gillham suggest it could be one for the watchlist.
The ‘Not Hot’ stock pick this week is Inghams (ASX:ING) which plunged heavily last week on news that bird flu had struck an Australian egg farm.
Inghams has been trading above $3.50. Wealth Within discuss the uncertain scenario/event risks that can strike some companies.
Mr Tortevski and Mr Gillham also discuss recent strong performer Technology One (ASX:TNE).
“Just because you see a stock that’s out-performed, doesn’t mean it’s a buying opportunity,” Mr Gillham said.
“I think that’s a mistake I see beginner retail traders make, they go ‘oh this stock’s gone up 12 per cent I’ll get in on it’.
“You can’t buy yesterday’s returns – it’s already done it – and it may not do it in the next period.”
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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