Morning Bell 25 March

Bell Direct
March 25, 2021

The Aussie share market is likely to follow Wall Street lower – the futures are down 0.2%.

As expected – portfolio adjustments continued to weigh on the US market; as investors ramp the switch away from 2020’s darling tech stocks, to stocks benefiting from life going back to the new normal.

What to watch today

  1. Stocks that should see a lot of love today. That is, oil and iron ore stocks.
  2. Gold stocks should also see a bit of love, as Gold, the precious metal rose 0.4%. Keep an eye on Chalice Mining (ASX:CHN) a Bell Potter Buy that’s also in a bullish charting pattern. It also might be worth looking at Gold Road Resources (ASX:GOR) as its chart suggests it could be ending its downtrend.
  3. Keep an eye on some of the most traded stocks from yesterday. For our active trader desk, Bell Direct Advantage they were: Airtasker (ASX:ART) which rose 67% yesterday and Hawkstone Mining (ASX:HWK) which rose 8%.

As for trading ideas that could be worth a look

  • Bell Potter bumped up GrainCorp’s (ASX:GNC) Buy rating again, with a new $6.20 target. Yesterday GNC rose 6.2% to $5.00. And the chart says it’s about to potentially see a big rally with its 15-day moving average about to cross the 30-day.
  • Bapcor (ASX:BAP) also had a good upgrade from Citi as BAP expands into Asia following its 25% purchase of Asian equivalent, Tye Soon. Citi says BAP is a Buy with a $9.35 target, expecting South Korean and Malaysian sales to boost business.
  • MoneyMe (ASX:MME), GWA Group (ASX:GWA) and Eclipx (ASX:ECX) are all giving off bullish charting signals according to Trading Central.

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