Competition Analysis | Who are the first batch of leaders in ASX stocks Papertrading Competition?
G'day mooers!
Hope you survive from the falling-last-week and enjoy your journey in Papertrading Competition Season 3. We found a lot of gainers killing the rank in the fluctuating ASX stock market.
To utilize these extraordinary mooers by their trading strategies, here we output the Competition Analysis column, to boost the atmosphere of competition!
We noticed that the top three investors made significant profits trading $Cettire Ltd (CTT.AU)$ $Nanosonics Ltd (NAN.AU)$ $Appen Ltd (APX.AU)$ stocks. Let's delve into how they identified these trading opportunities.
Two of the top three traders focused on this stock. $Cettire Ltd (CTT.AU)$ is Australia's largest online luxury fashion platform, primarily selling apparel, accessories, footwear, handbags, and other luxury brand products. The majority of its revenue, about 59.40%, comes from the United States.
On August 29, the company announced its 2024 financial results, revealing a 34% decline in net profit. On the day of the announcement, Cettire's stock price plummeted by 20%, reflecting the company's strained profitability.
– However, post-crash, the stock was influenced by several event-driven factors. On September 2, Bell Potter maintained its speculative buy rating with a target price of $2.00, suggesting a nearly 60% potential upside over the next 12 months. Subsequently, the company's founder and CEO Dean Mintz increased his stake by a considerable $15.8 million. Since hitting its low, the stock has rebounded by over 60%.
Currently, the RSI indicator shows an overbought condition, so investors should be cautious of chasing the stock at higher prices.
$Nanosonics Ltd (NAN.AU)$ is a healthcare company focused on the development and commercialization of infection prevention technologies. Since its financial report was released on August 27, the stock has surged by about 30%.
The company's stable revenue growth, market recovery, significant progress in the CORIS project (with the FDA de novo regulatory application submitted and under review), and robust financial health have attracted considerable investor attention, driving the stock price up.
However, with the stock now in a high-risk zone due to its continuous rise and substantial profits already realized, investors should be cautious and avoid chasing the stock at elevated levels.
$Appen Ltd (APX.AU)$ provides high-quality data solutions and services for machine learning and artificial intelligence applications. On August 30, Appen reported a 18.4% decline in revenue to $113.4 million and a post-tax net loss of $11.8 million for the half-year. This news led to a 13% drop in its stock price, down to $1.06.
The sharp decline attracted some investors, prompting technical buying and leading to a price rebound. On September 4, one of the top three investors bought the stock, betting on its oversold rebound. Currently, with the Bollinger Bands breaking above the middle band, the short-term trend looks favorable. APX's support level stands at AUD 0.98, with resistance at AUD 1.34. The current price of AUD 1.245 suggests relatively low resistance to further upward movement due to fewer trapped positions.
Lack of sense to the recent Australian market? Check out this dedicated analysis to boost your portfolio!
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Notes: This competition is only available for Australian users.
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