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Wealth Within’s chief analyst Dale Gillham and senior analyst Fil Tortevski have named ASX 200 financial institution Bendigo and Adelaide Bank Ltd (ASX:BEN) as the HotCopper Hot Stock tip investors should be watching this week.
Mr Gillham said second-tier Australian banks that had been left reeling from the COVID-19 impacts of the last few years were finally on the bounce back in 2024.
“A fewer of these smaller tier banks, I really do like,” he added in his assessment.
The Wealth Within chief analyst referenced Commonwealth Ban (ASX:CBA) as the perfect example of a successful lift for a leading Aussie bank in recent times – and with many now wanting in on the financial sector, Bendigo “looks great.”
The Australian financial sector breaking through to a new all-time high this week and “continuing to hum along” will also draw eyes, Mr Tortevski said.
“Everything’s looking quite nice,” Mr Gillham ruled after looking at the charts.
For key levels of resistance, $11.51 was flagged as “hugely important,” with Mr Tortevski suggesting Bendigo holding above that is a strong sign.
Bendigo Bank shares opened up 0.9% today, selling at $12.36.
Proceed with Caution
Elders Ltd (ASX:ELD) is the “Proceed with Caution” stock tip this week, with the biggest sticking point for the Australian agribusiness revolving around interest rates and how that will impact the rural sector next year. “If… we start getting the economy going again, [Elders] will start to benefit from all of that,” Mr Gilham suggested.
The share price is compressing though, Mr Tortevski pointed out, which means there’s going to be opportunity there in the future. Elders last traded at $8.72 today.
Not Hot
Today’s “Not Hot” stock is Viva Energy Group Ltd (ASX:VEA). Neither Mr Gilham nor Mr Tortevski liked the stock, with Mr Gilham admitting he thought Viva had been “doing okay” until he looked at recent results.
Mr Tortevski added things may turn around for the Geelong Oil Refinery owner if it finds support at $2.60 – but he “won’t be counting on that.”
Viva Energy was last $2.70 on Tuesday afternoon before market close.
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.
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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