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Wealth Within’s ‘Hot Stock’ pick today is Nickel Industries (ASX:NIC), which is producing the commodity in Indonesia.
The Wealth Within and HotCopper Hot Stock Tips show is hosted by Dale Gillham and Filip Tortevski of Wealth Within, who today argue why charts suggest there could be upside potential for the stock – tipping it could go to $1.16.
Nickel stocks have struggled recently with concerns around over-supply, however the commodity is up 9 per cent month-on-month.
Nickel Industries’ FY23 results, released last week, showed nearly 55 per cent rise in FY23 revenues, although it’s profit after tax was down more than 15 per cent.
Nickel Industries has been trading today below 80 cents.
Wealth Within’s Proceed with Caution stock is Core Lithium (ASX:CXO) and the ‘Not Hot’ pick is The Star Entertainment Group (ASX:SGR), which rose 16.85 per cent last week on news of making $9 million profit in the first half of FY24. However the NSW Government is holding another inquiry into its operations and Dale Gillham and Filip Tortevski talk about signs of heavy selling.
They also question why Life360 (ASX:360) should have gained more than 43 per cent last week and warn of trading through Fear of Missing Out (FOMO).
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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