Market wraps 25th March 2021
Morning Bell - Jessica Amir
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.