Between the Bells

Week-to-date the market is up 2.3%, and up 0.8% in Friday’s session, as real estate, utilities and tech advanced.

Companies have also been reporting their earnings for the June quarter, which has caused a bit of share price movement. On the ASX200, St Barbara Mines (ASX:SBM) gained after reporting a 40% jump in gold production. And EML Payments (ASX:EML) rebounded after a heavy fall earlier in the week, while Zip (ASX:ZIP), BrainChip (ASX:BRN) and PointsBet Holdings (ASX:PBH) declined the most.

The most traded stocks by Bell Direct clients on Friday were BHP Group (ASX:BHP), Treasury Wine Estates (ASX:TWE), Sierra Rutile (ASX:SRX) and Lake Resources (ASX:LKE).

Overseas, European shares actually closed July as their best performing month since November 2020. Recently GDP data also showed that economic growth in the euro zone accelerated in the second quarter, and that’s despite the rising gas prices and high inflation figures. The STOXX 600 jumped 1.3%, with oil and gas stocks in the lead.

US equities also had a positive run, rising for the third straight day. Strong earnings results have been coming in from the major tech names in the US, which has recently overshadowed the concerns that market was having about a recessionary environment and high inflation. The Dow Jones closed 1% higher or more than 300 points, the S&P500 up 1.4% and the Nasdaq up 1.9%.

What to watch today:

• The SPI futures are suggesting the Australian market will rise 0.67% at the open this morning.
• Keep watch of Ramsay Healthcare (ASX:RHC) today, with reports that there’s been progress with the company’s takeover approach by private equity company KKR. Back in April, Ramsay received a non-binding $88 per share offer from KKR.
• Healthcare stocks are also in focus after the World Health Organisation declared Monkeypox as a global health emergency. The disease has so far spread in 74 counties, and therefore shares such as CSL (ASX:CSL), Telix Pharmaceuticals (ASX:TLX) and Clinuvel Pharmaceuticals (ASX:CUV) may be ones to look out for.
• In commodities, oil is trading more than 2% higher on continued reports of tight supply. The gold price also gained after negative GDP data in the US pushed markets to scale back hawkish expectations from the Fed. Meanwhile, iron ore is trading slightly lower, however has been recovering, rising from a seven-month low.
• In economic data, this morning the S&P Global Manufacturing PMI will be released at 9am, and ANZ’s data on job advertisements for July will be released at 11:30am AEST.
• Bayrock Resources (ASX:BAY) as it lists on the ASX today.

Trading Ideas:

• Bell Potter maintain a BUY rating on BCI Minerals (ASX:BCI) after the company reported its June quarter. EBITDA rose to $7.7 million from $3.5 million in March, despite sales volumes dropping 10%. Bell Potter have lowered their price target to $0.50, and at BCI’s current share price of $0.25, this implied 100% share price growth in a year. 
• Trading Central have identified a bullish signal in Lake Resources (ASX:LKE) indicating that the stock price may rise from the close of $0.81 to the range of $0.99 to $1.03 over 20 days, according to the standard principles of technical analysis.

The Aussie share market advanced 1.5% this week (Mon-Thu), with the materials sector leading the way. Reporting season also kicked off with some key companies releasing their results. 
 
 In this week’s wrap, Sophia covers: 

• (0:34) What to consider this reporting season
• (1:20) Rio Tinto's (ASX:RIO) weaker than expected half-year results
• (2:30) BNPL stock, Zip (ASX:ZIP) almost tripling its value this month
• (2:50) The most traded stocks & ETFs by Bell Direct clients

(3:29) Five economic news items to watch out for 

Yesterday, our local market posted a modest gain of 0.2%, its second session of gains. While the market started off slowly, it rose in the afternoon after the latest inflation reading, which showed that the price we paid for goods and services over the past year had lifted by 6.1%. That’s the strongest lift we’ve seen in two decades, however it wasn’t as hot as consensus’ expectation of 6.3%. This means in next Tuesday’s RBA meeting, we’re more likely going to see a 0.5% rate hike rather than the 0.75% originally expected.

Looking at the sector performances, six of the 11 sectors ended higher, including healthcare, financials, and consumer discretionary. The gains in these sectors offset the losses we saw in some mining and energy stocks. 

The biggest gainer on the ASX200 was once again BNPL stock Zip (ASX:ZIP), which was up 21%. Sezzle (ASX:SZL) also jumped a massive 96%, after no news out from the company. The stock then subsequently finished the day in a trading halt. Other top performer’s included BrainChip (ASX:BRN), Silver Lake Resources (ASX:SLR) and Iress (ASX:IRE). The worst-performing stock was City Chic Collective (ASX:CCX), which closed 5.1% lower, followed by shares in Champion Iron (ASX:CIA) and BlueScope Steel (ASX:BSL).

The most traded stocks by Bell Direct clients yesterday included National Australia Bank (ASX:NAB), Pilbara Minerals (ASX:PLS) and Whitehaven Coal (ASX:WHC).

Moving to the US, equities rallied after the US Fed announced its much anticipated 0.75% rate increase in its efforts to fight inflation, however left the door open about the size of the rate move at its next meeting in September. Investors were also encouraged after the central bank noted that it doesn’t believe the economy is currently in a recession. We saw the Dow Jones close over 400 points higher, the S&P500 up 2.6% and the Nasdaq up 4.1%. 

What to watch today:

• In line with the positive session in the US, the ASX200 is expected to rise 0.77% at the open if you go by the SPI futures.
• In economic news, preliminary retail sales for June will be released at 11:30am AEST. 
• Reporting wise, Fortescue Metals (ASX:FMG), Mineral Resources (ASX:MIN), Pilbara Minerals (ASX:PLS) and Sandfire Resources (ASX:SFR) will be reporting their quarterly production results. And Ai-Media Technologies (ASX:AIM) and Unibail-Rodamco-Westfield (ASX:URW) will be reporting their earnings results.
• Moving to commodities, oil prices rose over 2%. The gold price reversed its recent losses and traded in the green after the Fed announced its rate hike. And the spot iron ore price trades 5.8% higher at US$110 a tonne. 
• Mineral exploration company, Coolabah Metals will be debuting on the ASX today, trading under the ticker code CBH. 
• Australian Agricultural Company (ASX:AAC) will be holding its AGM today.
• If you hold Clime Capital (ASX:CAM), Sunland Group (ASX:SDG) or Turners (ASX:TRA) you will receive your dividend payment today.

Trading Ideas:

• Citi have maintained its Buy rating on Rio Tinto (ASX:RIO) with a price target of $120. After market close yesterday, RIO reported weak first half results with an underlying EBITDA of US$15.6b, which was 3% below consensus and 10% lower than Citi’s expectations. The group reported first half 2022 EPS of 533 US cents and an interim dividend of 267 US cents per share, which implies a 50% payout against market expectations of 65-70% payout. Now, at its current share price of $96.98, this implies about 24% share price growth in a year.   At its current share price of $96.98, this implies about 24% share price growth in a year.   
• Trading Central has a bullish signal on Lake Resources (ASX:LKE) indicating that the stock price may rise from the close of $0.74 to the range of $0.97 - $1.03 in the next 26 days according to standard principals of technical analy

Yesterday, our local market nudged 0.3% higher, reaching a six-week high, with six of the 11 industry sectors posting gains. Energy shares led the way. Meanwhile, consumer discretionary and healthcare shares were the biggest decliners. 

Looking at the ASX200 leaderboard, BNPL stock Zip (ASX:ZIP) advanced the most, rising nearly 20%, and closing above $1 for the first time in two months. There was no news out from Zip, so it’s likely investors are still feeling positive about last week’s quarterly update. Another top performer was Paladin Energy (ASX:PDN). Its share price gained 8.1% following the production restart of one of its uranium projects. The worst performers yesterday included Iress (ASX:IRE), Flight Centre (ASX:FLT) and Perseus Mining (ASX:PRU). 

The most traded stocks by Bell Direct clients yesterday included National Australia Bank (ASX:NAB), Lake Resources (ASX:LKE) and Zip Co (ASX:ZIP).

Moving to the US, all three benchmarks closed lower. Stocks fell after Walmart cut its earnings forecast because of rising food inflation. This dragged down other retail shares and added concern that consumer spending might not be strong enough to keep the US out of a recession. And on Tuesday, the US Fed began its two-day policy meeting. Investors are widely expecting a three-quarter percentage point hike and will be looking for clues on the future interest rate path. 

What to watch today:

• In line with the poor session we saw in the US, the ASX200 is expected to fall 0.54% at the open if you go by the SPI futures.
• The ABS will release its latest inflation figure, also known as the Consumer Price Index. It’s likely to be a dull announcement for investors and households, with the annual reading expected to come in at 6.2%, which will be the highest reading in more than 30 years, leaving the door open for the RBA to continue its aggressive rate hikes. 
• IGO (ASX:IGO) and St Barbara Mines (ASX:SBM) will be reporting their quarterly production results. Rio Tinto (ASX:RIO) will be reporting its earnings results after market close today. 
• Moving to commodities: 
  • Natural gas hit its highest level since 2008, and is on pace for its best month as Russia cut supply and as high temperatures around the world stoke demand. So keep watch of ASX gas companies like AGL Energy (ASX:AGL) and Origin Energy (ASX:ORG). 
  • The oil price fell 1.3% to US$95 a barrel. Gold also came under pressure, trading at US$1,717 an ounce.
  • The spot iron ore price trades 1% higher at US$104 a tonne. 
• Iluka Resources’ demerger, Sierra Rutile, will be debuting as its own ASX-listed company today under the ticker code SRX on a deferred settlement basis.
• Kelly Partners Group (ASX:KPG) and Mirrabooka Investments (ASX:MIR) are set to go ex-dividend today. And lastly if you hold Premier Investments (ASX:PMV) you will receive your dividend payment today.

Trading Ideas:

• Bell Potter have maintained its Buy rating on Perpetual (ASX:PPT) however with a reduced price target from $42 to $38.40. At its current share price of $28.97, this implies about 33% share price growth in a year. 
• Trading Central has a bullish signal on Allkem (ASX:AKE) indicating that the stock price may rise from the close of $10.45 to the range of $12.60 - $13.20 in the next 37 days according to standard principals of technical analysis.

Yesterday the market closed completely flat, however we did see materials and utilities gain over 1%. An uptick in iron ore, nickel, aluminium and zinc helped boost some mining stocks higher, while tech shares declined. 

Leading the tech losses was EML Payments (ASX:EML), which fell more than 22%, after reporting that its facing some challenges regarding its remediation programme and their dealings with the Central Bank of Ireland. Meanwhile, stocks that gained were Insurance Australia Group (ASX:IAG), Steadfast (ASX:SDF), and Evolution Mining (ASX:EVN). Travel shares also advanced after Flight Centre (ASX:FLT) reported a “solid rebound in travel” and flagged a return to profitability in the next three months. 

The most traded stocks by Bell Direct clients were Treasury Wine Estates (ASX:TWE), Ioupay (ASX:IOU), and News Corporation (ASX:NWS). 

Over in New York, in afternoon trade US shares were lower as investors are trading cautiously ahead of the Fed’s meeting this week, as well as earnings results that are set to be released from a few of the large-cap growth companies. However, the Dow Jones closed 0.3% higher, the S&P 500 slightly rose 0.1%, while the Nasdaq fell 0.4%. Corporate earnings in the US are expected to pick up this week with some major tech names set to report. These include Apple, Meta, Microsoft and Amazon. 

What to watch today:

• The SPI futures are suggesting our market will rise 0.36% or 22 points at the open this morning. 
• In commodities, oil is trading higher after what was three consecutive sessions of losses. The gold price however is trading down, while iron ore prices are up. 
• Today watch the share price movements of Perseus Mining (ASX:PRU) and Regis Resources (ASX:RRL). Both companies are set to release their quarterly production reports today. 

Trading Ideas:

• Bell Potter maintain their Buy rating on Mineral Resources (ASX:MIN). The company has a growing portfolio of mining services and commodities businesses. Bell Potter have increased their price target on Mineral Resources from $70 to $75, and at its current share price of $46.82, this implies 60.2% share price growth in a year. 

Trading Central have identified a bullish signal in James Hardie Industries (ASX:JHX) indicating that the stock price may rise from the close of $35.34 to the range of $42.25 to $44 over 50 days, according to the standard principles of technical analysis. 

Our local market closed flat on Friday, however, did deliver its best week since March. On Friday, real estate and financials gained the most. All four major banks closed higher, and tech stocks also rallied. 

Leading the market was Pointsbet Holdings (ASX:PBH), Zip Co (ASX:ZIP) and EML Payments (ASX:EML), while the worst performers were Coronado Global Resources (ASX:CRN), Paladin Energy (ASX:PDN) and Webjet (ASX:WEB)

The most traded stocks by Bell Direct clients on Friday were ANZ (ASX:ANZ) and National Australia Bank (ASX:NAB). 

European shares gained after the European Central Bank on Thursday announced a 50-basis point hike to interest rates, as expected, its first hike in 11 years. The STOXX 600 closed 0.4% higher, with travel and leisure stocks performing best. 

In the US, all three major benchmarks declined. The Dow Jones closed 0.4% lower, the S&P500 fell 0.9% however did finish the week higher, while the Nasdaq dropped 1.9%. The Nasdaq’s previous rally was halted by an earnings miss from Snap, which sent share falling 39% lower. The yield on the US 10-year note declined 12 basis points to 2.76%. 

What to watch today:

• The Australian share market is set to open lower, with the SPI futures suggesting a 0.18% fall at the open this morning. 
• In commodities, oil extended losses for a third session, trading just below US$95 per barrel, amid continuing concerns of a US recession, as well as weakening gasoline demand with the rate hikes triggering slowdown concerns. On the other hand, gold is trading in the green, rebounding from a 16-month low. And iron ore is trading slightly higher, at levels last seen in December. 
• Today watch mining company South32 (ASX:S32) as its set to release a quarterly update today. 
• In economic data, this week investor focus will be on the Federal Reserves rate decision early Thursday AEST, as well as the Australian inflation rate for Q2 out on Wednesday. Commonwealth bank economists expect inflation to rise by 1.9% in the quarter, for an annual rate of 6.2%.

Trading Ideas:

• Bell Potter maintain their BUY rating on Coronado Global Resources (ASX:CRN), following the companies June quarter update. Bell Potter expect CRN to generate strong free cash flow on their met coal price outlook. And while they expect global economic factors may see some short-term weakness in met coal markets, longer term supply-demand fundamentals do remain strong. Bell Potter have lowered their price target from $2.15 to $1.95, and at its current share price of $1.47, this implies 32.7% share price growth in a year. 
• Trading Central have identified a bullish signal in Lendlease Group (ASX:LLC) indicating that the stock price may rise from the close of $9.87 to the range of $10.55 to $10.75 over 29 days, according to the standard principles of technical analysis. 

The Aussie share market rallied 3% this week (Mon-Thu), with almost all industry sectors in the green. Tech shares advanced the most after the US government passed a bill that will provide $50 billion in subsidies for computer chip manufacturing. 
 
 In this week’s wrap, Sophia covers:

• (0:16) Reporting season kicking off next week
• (1:14) How inflation impacts the gold price
• (2:20) Five tech stocks that outperformed
• (3:30) The most traded stocks & ETFs by Bell Direct clients
• (4:05) Three economic news items to watch out for

Yesterday, our local market advanced 1.7%, its best gain in around three weeks, again supported by a strong session in the US on Tuesday, after profit results from some well-known companies came in better than expected. 

We also heard from RBA Governor Phillip Lowe, who said he expected the RBA to lift the cash rate to 2.5%, but whether that eventuates, as well as how quickly that may happen “will be determined by the inflation outlook”, with the next inflation update due out next Wednesday. 

Sectors wise, all eleven industry sectors were in the green. The best performing sector was tech, followed by materials and real estate. 

Megaport (ASX:MP1) was the biggest gainer, up 23% yesterday, following it delivering EBITDA profit in the fourth quarter, a first for the company. Paladin Energy (ASX:PDN) lifted 10.5%, after its management decided to restart one of its mines due to strong uranium market fundamentals. On the flip side, the biggest decliners yesterday were NIB Holdings (ASX:NIB), Pendal Group (ASX:PDL) and Perseus Mining (ASX:PRU). 

The most traded stocks by Bell Direct clients yesterday included Sims (ASX:SGM), the BetaShares Australian Strong Bear Hedge Fund (ASX:BBOZ) and BHP Group (ASX:BHP).

Moving to the US, all three benchmarks closed higher, boosted by a tech rally. Streaming giant Netflix surged after it reported it had lost 970,000 subscribers in the second quarter, which was less than the 2 million it had previously projected. Investors had been awaiting this earnings season for an indication on how companies are coping with the worst inflation in more than 40 years. So far, 12% of S&P500 companies have reported earnings, with 68% beating analyst expectations.

What to watch today:

• The Australian share market is expected to fall 0.46% at the open if you go by the SPI futures, despite another solid session on Wall Street.
• Watch ANZ (ASX:ANZ) today as it is expected to return from its trading halt after its recent announcement to acquire Suncorp’s (ASX:SUN) banking division for $4.9 billion. 
• Companies reporting today include Evolution Mining (ASX:EVN), Newcrest Mining (ASX:NCM), Santos (ASX:STO), Syrah Resources (ASX:SYR), Woodside Energy (ASX:WDS) and BNPL stock Zip (ASX:ZIP). 
• Moving to commodities, softening US gasoline demand weighed on prices. The WTI Crude oil price declined about 2% to $US102 a barrel and the Brent price fell to US$106 a barrel. The gold price also came under pressure, following improving risk sentiment and a strong US dollar putting pressure on the safe haven asset, and the spot iron ore price trades flat at US$101 a tonne. 
• If you hold Magellan Global Fund (ASX:MGF) or GrainCorp (ASX:GNC), you will receive your dividend payment today.

Trading Ideas:

• Bell Potter have maintained its Buy rating on Beach Energy (ASX:BPT) with an increased price target from $2 to $2.40. BPT reported better than expected quarterly revenue of $504m, materially exceeding Bell Potter’s expectation of $430m. Bell Potter believe the business has a strong, fully funded energy production growth outlook and highlighted that BPT is trading at lower earnings multiples compared with its ASX-listed peers. At its current share price of $1.82, this implies about 32% share price growth in a year. 

Trading Central has a bullish signal on BrainChip (ASX:BRN) indicating that the stock price may rise from the close of $1.13 to the range of $1.24 - $1.28 in the next 30 days according to standard principals of technical analysis. 

Our local market closed 0.6% lower yesterday, partly due to comments made by the RBA’s deputy governor, who stated that the official interest rate will move “a fair bit higher than where we currently are.” This put pressure on tech shares, which are interest rate sensitive. They declined 3%. And only two of the 11 industry sectors gained: energy was the best performer, up 2.5% and utilities gained 1%.

While Xero (ASX:XRO) and EML Payments (ASX:EML) declined with the broader tech sector, the top performers on the ASX200 were Lake Resources (ASX:LKE), Pendal Group (ASX:PDL) and Whitehaven Coal (ASX:WHC).

WHC was also the most traded stock by Bell Direct clients. Its share price closed 5.5% higher, following its Q4 update where the company reported that it expects to deliver an EBITDA worth $3 billion for the 2022 financial year. And WHC reported a strong quarter off the back of record coal prices. A number of brokers yesterday released positive reports on the coal miner as well. Bell Potter rate WHC a Buy. Citi upgraded WHC from Neutral to Buy. Morgans have an Add rating and Macquarie and Credit Suisse have an Outperform rating. So, brokers are optimistic on WHC at the moment. Its current share price is $6.21, and broker price targets range from $6.70 by Morgans, to $7.85 by Citi.

Overseas, European stocks rallied with earnings season kicking off, and positive momentum from Wall Street. The STOXX 600 index closed with a gain of 1.4%, and this week investors will be waiting for the European Central Bank’s policy meeting on Thursday in Frankfurt, as policymakers have given advance notice of the first-rate hike in 11 years.

US equities saw a strong session overnight. The Dow Jones gained more than 750 points, up 2.4%, the S&P500 gained 2.8% and the tech-heavy Nasdaq closed with a 3.1% gain. This is off the back of strong corporate earnings reports coming in, bringing all three major averages above their 50-day moving averages for the first time since April.

What to watch today:

• The Australian market is set to open higher, with the SPI futures suggesting a rise of 1.21% at the open this morning.
• In commodities,
  • The price of oil is trading 2.5% lower currently, around US$100 per barrel, with reports that in at least the near term, it’s unlikely that supply gaps will be filled by additional output from OPEC. This is despite efforts from the US government to bring more oil to markets, in the aim of taming energy costs.
  • The price of gold is trading slightly higher, however remains close to its lowest levels in almost a year, with the constant pressure of US monetary tightening.
  • Seaborne iron ore has dropped 2%.
  • Coal is trading higher. China is the world’s largest coal consumer and they’ve announced that they may lift an almost two-year ban on Australian coal. So, keep watch of coal stocks today.
• A few companies are set to release their quarterly reports, so keep watch of their share price movements today as well. These include 29Metals (ASX:29M), Allkem (ASX:AKE), Atlas Arteria Group (ASX:ALX), Beach Energy (ASX:BPT), Cooper Energy (ASX:COE), Northern Star Resources (ASX:NST), Perseus Mining (ASX:PRU) and Megaport (ASX:MP1).
• BHP released its quarterly report yesterday, and its production for copper and iron ore was in line with guidance. Following the report, Goldman Sachs reiterated its Buy rating, but trimmed their price target to $40.80. Macquarie, however, have a $50 price target, with an Outperform rating.

Trading Ideas:

• Bell Potter maintain their Buy rating on Alkane Resources (ASX:ALK), as its June quarter update saw several important business development milestones. Bell Potter’s price target is $1.30, and at ALK’s current share price of $0.72, this implies 81.8% share price growth in a year.
• Trading Central have identified a bearish signal in ResMed (ASX:RMD), indicating t

Our local market started the new trading week with a gain of 1.2%, supported by a strong session on Wall Street and in Europe on Friday.

Sectors wise, tech stocks led the day’s gains. Energy stocks also performed well after Brent oil prices jumped on Friday. Financials climbed about 1.4%, with three of the big four banks rising. Meanwhile, the healthcare sector dropped 0.5%. 

The best and worst ASX200 performers: BrainChip (ASX:BRN) surged 13.9%, following strong gains on the Nasdaq on Friday. BRN was not alone, other tech stocks also lifted, like Life360 (ASX:360), NOVONIX (ASX:NVX) and WiseTech Global (ASX:WTC). Building materials supplier, Boral (ASX:BLD) closed in the green also, up 6.2%. On the flip side, the worst performers included a2 Milk (ASX:A2M), Fisher & Paykel Healthcare (ASX:FPH) and Endeavour Group (ASX:EDV).   

The most traded stocks by Bell Direct clients yesterday included Sims (ASX:SGM), PayGroup (ASX:PYG), the BetaShares Australian Strong Bear Hedge Fund (ASX:BBOZ) and Whitehaven Coal (ASX:WHC).

Moving to the US, all three benchmarks closed lower following a late selloff that wiped out some strong intraday gains. The Dow closed 200 points lower and the S&P500 and Nasdaq both declined 0.8%. 

What to watch today:

• Following the negative session in the US, the SPI futures are suggesting that our market will open 0.32% lower.  
• Keep an eye on ANZ (ASX:ANZ) and Suncorp (ASX:SUN), after Suncorp accepted a $4.9 billion bid from ANZ to take over its banking business. ANZ is currently in a trading halt while it goes to its shareholders to raise $3.5 billion in additional funds to pay for the deal. This isn’t expected to be completed for at least 12 months as it requires a number of regulatory approvals.
• In economic news, today sees the release of the minutes from June’s monetary policy meeting held by the RBA. 
• There are a number of Australian commodity companies reporting their Q4 results this week, including lithium player, Allkem (ASX:AKE) and oil companies Beach Energy (ASX:BPT) and Woodside Energy (ASX:WDS). Today, we’ll hear from the largest company on the ASX, BHP Group (ASX:BHP). 
• Other companies reporting today include HUB24 (ASX:HUB) and Ampol (ASX:ALD). 
• In commodities, oil prices lifted, boosted by growing concerns over gas supply from Russia and a lower dollar. The gold price firmed, as the pullback in the dollar helped bullion recover some of its recent losses. The spot iron ore price trades 4.3% lower at US100 a tonne.

Trading Ideas:

• Bell Potter have maintained its Buy rating on Whitehaven Coal (ASX:WHC). WHC reported unaudited financial year 2022 EBITDA of $3b and year end net cash of $1b, which Bell Potter highlighted was an outstanding result. The better than expected result was driven by record thermal coal prices and strong price realisation. Yesterday, WHC rose 5.6% off the back of these strong results.  

Trading Central has a bullish signal on investment advice company, Praemium (ASX:PPS) indicating that the stock price may rise from the close of $0.68 to the range of $0.87 - $0.91 in the next 53 days according to standard principals of technical analysis.