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Morning Bell 25 March

Jessica Amir
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

  • Stocks that should see a lot of love today. That is, oil and iron ore stocks.
  • 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.
  • 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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