Premier Investments Limited (ASX: PMV) holds investments in retailing businesses in Australia, New Zealand, Asia, and Europe. As per the previous recommendation on PMV in the Market Events Report on 15th August 2022, a ‘Buy’ rating was given on the stock at AUD 21.820. Noted below are the resistance and support level provided in the previous rating:
Recommendation Summary as on August 15, 2022
PMV’s Daily Chart
Considering the rise in share price in recent times, current trading levels and risks associated, it is prudent to book profits at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the current price of AUD 24.250 as of October 27, 2022, at 11:11 AM (GMT+11).
Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate.
Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is October 27, 2022. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.
Technical Indicators Defined: -
Support: A level at which the stock prices tend to find support if they are falling, and downtrend may take a pause backed by demand or buying interest.
Resistance: A level at which the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.
Stop-loss: In general, it is a level to protect further losses in case of any unfavourable movement in the stock prices.
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