Suncorp Topping Out

This story features SUNCORP GROUP LIMITED. For more info SHARE ANALYSIS: SUN

The company is included in ASX50, ASX100, ASX200, ASX300 and ALL-ORDS

By Nick Linton-Ffrost

Emerging Short

We suspect Suncorp ((SUN)) has achieved our short term upside break target as well as completing a five count which improves the odds for a pull back from 13.25 to 12.50-12.60 over the next week or so.

A move below 12.90-12.95 should get the ball rolling however given timing considerations enough work has been done to warrant opening shorts around 13.05.

The move needs to occur over the next few days otherwise we will reassess our view.

Trading tactics

Open shorts at 13.05 placing stop at 13.30 looking for a move to 12.50.

Otherwise wait for a break below 12.90-95 before opening shorts and placing stops at 13.20.

 

 

Another trading idea from

Fifth Wave | fwtc.com.au                                               

FW generates over 150 Trading Alerts on the ASX100 each year. We are a subscription service specialising in short term technical strategies based on 27years experience.

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