$AMP Ltd (AMP.AU)$ stock rose 13.43% on Thursday, with trading volume expanding to A$30.26 million. AMP has risen 14.7% in the past week, with a cumulative gain of 70.88% year-to-date.
AMP's technical analysis chart:
Technical Analysis:
Support: A$1.18
Resistance: A$1.54
Price range A$1.18 to A$1.54: The trading range indicates a heavy concentration of buy orders, with the stock price on an upward trend and strong upward momentum. However, there is a risk of profit-taking as some gains have been accumulated. The stock had found support near the A$1.18. Currently, the stock is near the upper resistance level of near the A$1.54. Going forward, it is necessary to observe whether the resistance near A$1.54 can be effectively broken through.
Market News :
AMP released its Q3 24 cashflows and business update on October 17, 2024. The report highlighted several positive financial indicators: Platforms net cashflows reached A$750 million, marking a 76% increase from Q3 23. Notably, North inflows from Independent Financial Advisers (IFAs) saw a significant surge, increasing by 47% compared to Q3 23, to reach A$832 million. The Platforms Assets Under Management (AUM) also showed robust growth, climbing to A$78.1 billion, up from A$74.7 billion in Q2 24. In the Superannuation & Investments sector, AUM rose to A$55.8 billion, from A$54.0 billion in Q2 24, with net cash outflows significantly reduced by 46% to A$334 million, compared to net cash outflows of A$619 million in Q3 23, excluding a A$4.3 billion mandate loss. The New Zealand Wealth Management division reported net cashflows of A$40 million, up from A$6 million in Q3 23, with AUM increasing to A$11.6 billion, from A$11.2 billion in Q2 24. Lastly, AMP Bank reported a total loan book of A$23.0 billion, slightly up from A$22.9 billion in Q2 24, and total deposits increased to A$20.9 billion, from A$20.6 billion in Q2 24.
Overall Analysis:
Fundamentally, focus on the company's performance and operational status. Technically, pay attention to whether the support levels hold and if the resistance levels can be effectively breached.
In this scenario, investors should adopt a cautious strategy, setting stop-loss points to manage risk and maintaining ongoing vigilance regarding company developments and market conditions.
Source: AMP
