Between the Bells

This week's US earnings season was a mixed bag of highs and lows in the market spotlight. Pfizer soared despite COVID vaccine sales dip, while PayPal and Pinterest showed tech potential. Yum Brands stumbled, despite Taco Bell's digital surge. Coca-Cola beat expectations but grappled with inflation and market shifts.

In this week’s wrap, Sophia covers:

• (0:29): Pfizer’s strong quarter despite COVID dip

• (1:05): PayPal’s profitability focus against tech giants

• (1:46): Pinterest exceeding expectations, contributed by investments in AI

• (2:42): Taco Bell’s digital surge

• (2:54): Coca-Cola’s key highlights & weaknesses

• (4:46): the most traded stocks & ETFs by Bell Direct clients

• (5:16): economic data to watch next week.

US equities closed mixed overnight after the Federal Reserve kept rates on hold at 5.25% – 5.5% and ruled out that the central bank’s next move could be a hike. While the Dow Jones closed higher off the back of the Fed’s announcement, the broader market finished lower after a volatile trading session. During the session the S&P500 was up 1.2% before closing 0.34% lower, and the tech-heavy Nasdaq had climbed 1.7% before closing 0.33% lower.

What to watch today:

The Australian market is set to open 0.07% lower this morning, following heavy losses yesterday across all industry sectors. The ASX200 closed yesterday’s trading session down 1.23%, with energy and materials weighing down on the market the most.

The market will also be watching NAB’s share price today. The bank released its half-year results this morning and announced it will buy back up to $1.5 billion of its own stock as profit at the lender came in line with expectations. Cash earnings declined 13% to $3.55 billion in the six-month period ending March 31.

Also today, continue to watch Qantas shares following a data breach on the airline’s app yesterday. Qantas passengers were seeing details of other customers on their app, including the name, flight details and loyalty points. QAN declined 1.2% yesterday.

Also watch Woolworths (ASX:WOW) after the supermarket sold down its stake in Endeavour (ASX:EDV). Woolworths may see an uptick today after closing in the red yesterday, after announcing the $468 million Endeavour sell down, which offset a broad market sell-off. Endeavour Groups (ASX:EDV) share price is looking bullish today, so keep watch of Endeavour as well.

The market will also be watching NAB’s share price today when the bank releases its half-year results. Goldman Sachs are expecting the bank to declare an 81cps full franked interim dividend, down 2.4% on last year’s interim dividend.

In commodities,

• Oil is trading more than 3.4% lower at US$79 per barrel, the lowest price in over a month as a rebound in US crude stockpiles supported supply of a ceasefire in the Middle East.
• Gold is trading higher, advancing more than 1.3% to $2,321 per ounce, but remaining near the low levels seen about a month ago, as US traders digest the latest Fed meeting.
• And iron ore is steady at US$110 per tonne.

And in economic news, balance of trade data for March will be released at 12:30pm today.

Trading Ideas:

• Bell Potter maintains their Buy rating on Aeris Resources (ASX:AIS), after the multi-mine copper-gold production and exploration company released its March quarterly report. Bell Potter have increased their 12-month price target from $0.23 to $0.30, and at the current stock price of $0.25, this implies 17.6% share price growth in a year.
• And Trading Central have identified a bearish signal in Sigma Healthcare (ASX:SIG) indicating that the stock price may fall from the close of $1.25 to the range of $1.08 - $1.12 over 35 days, according to the standard principles of technical analysis.

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Wall Street tumbled on Tuesday to close out a losing month following the release of the latest inflation related data and ahead of the Fed’s latest interest rate decision out on Wednesday US time. The S&P500 fell 1.57%, the Dow Jones lost 1.5% and the tech-heavy Nasdaq tumbled 2.04%. For the month of April, the three key indices are set to post a notable loss. Higher-than-expected wages data has raised investor concerns of the rate cut outlook out of the Fed. For the first quarter, the employment cost index which measures wages and benefits, climbed 1.2% which was above economists’ expectations of a 1% rise.

Across the European markets overnight, markets closed in the red to record their first negative month since October as investors assessed the latest slew of earnings results. The STOXX600 fell 0.6% on Tuesday, Germany’s DAX lost 1.03%, the French CAC declined 0.99% and, in the UK, the FTSE100 closed Tuesday’s session down just 0.04%. 

In Asia overnight, markets closed mostly higher as investors assessed factory activity figures out of China which came in at an expansion to 50.4 in April compared to 50.8 in March which beat economists’ expectations but indicated a slower pace of activity expansion in the world’s second largest economy. Japan’s Nikkei closed flat, Hong Kong’s Hang Seng index rose 0.09%, and South Korea’s Kospi index rose 0.17%.

The local market has started the week on a green run, with the key index closing Tuesday’s session up 0.35% led by consumer discretionary and real estate stocks, which are two of the rate sensitive sectors. Lithium miners and explorers got a much-needed boost yesterday on a rise in the price of lithium carbonate, which sent Arcadium Lithium to the top of the ASX200 winners with an 8.4% rise, while IGO rose 7.3% and Liontown Resources added 2.9%.

Investors got a boost from Australia’s retail spend data coming out yesterday for March indicating a 0.4% fall in consumer spend, which was well below the 0.2% rise economists were expecting. Retail spend is a key driver of inflation and this reading is a key supporting factor for the RBA to realise some key inflation drivers are easing, which supports the notion to maintain rates at the current level instead of considering another rate hike.

Earnings season continues in Australia for the latest quarter which saw investors respond with mixed reactions on Tuesday. Australian fuel supplier and producer Ampol fell 3.3% after reporting a 21% drop in its Lytton Refiner Margin and a 7.3% decline in refinery production over the last three months.

What to watch today:

• Ahead of the midweek trading session here in Australia the SPI futures are expecting the ASX to open the day down 1.20%, tracking the global sell-off overnight.
• On the commodities front this morning, oil is down 0.92% at US$81.96/barrel, gold is down 1.61% at US$2295/ounce and iron ore is up 0.35% at US$110.54/tonne.
• AU$1.00 is buying US$0.65, 102.26 Japanese Yen, 52.05 British Pence and NZ$1.10.

Trading Idea:

• Bell Potter has downgraded Telix Pharmaceuticals (ASX:TLX) from a buy to a hold and maintain a $14.50 price target on the leading cancer imaging and therapy agent pharmaceuticals company following the release of an outstanding 1Q24 revenue growth and a major inflection point approaching for the company through its first therapeutic asset being a crucial piece of the long-term value proposition. The downgrade to a hold is simply due to valuation as the share price has been on a run recently, and this is the first downgrade since Bell Potter first initiated coverage of the company in 2021.

Wall Street opened the new trading week higher as investors prepare for a big week of corporate earnings results and the latest Federal Reserve meeting. The Dow Jones rose 0.38%, the S&P500 added 0.32% and the tech-heavy Nasdaq gained 0.35%. Tesla jumped more than 15% on Monday after overcoming a hurdle for its self-driving technology in China, while Domino’s Pizza gained more than 5% after reporting earnings that beat analysts’ expectations.

Across European overnight, markets closed mixed as investors assessed key earnings, company updates and inflation data out in the region. The STOXX600 rose 0.1%, Germany’s DAX fell 0.24%, the French CAC lost 0.29%, and, in the UK, the FTSE100 ended the day up 0.14%. The driver of Germany’s sell-off was the latest preliminary inflation reading coming in at an annual rate of 2.4% for April, which is a 0.6% rise from March and up 2.3% year-on-year. Dutch medical device giant Philips soared 29% on Monday after the company agreed to a $1.1bn settlement in a U.S. case regarding the recall of some of the company’s products that treat sleep apnoea.

Across Asia on Monday, markets closed mostly higher as the Japanese yen strengthened and ahead of key economic data out in the region today including China’s official purchasing managers index for April. Japan’s Nikkei rose 0.81% on Monday, Hong Kong’s Hang Seng index rose 0.54%, and China’s CSI 300 rose 1.11%.

The local market kicked off the new trading week in positive territory on the back of strong corporate earnings results that impressed investors in addition to taking strong lead from the US rally that ended last week on a high. The ASX200 closed Monday’s session up 0.81% with every sector ending the day in the green. Embattled casino operator Star Entertainment Group (ASX:SGR) rallied over 2% on Monday after the company announced Chairman David Foster has stepped down from his role, with the board appointing board member Anne Ward to replace Mr. Foster as the company looks to overcome recent challenges. Weak annual recurring revenue in Megaport’s (ASX:MP1) latest update led to investors selling out on Monday which sent the share price down over 5%, despite the IT company upgrading FY24 EBITDA guidance. Australia’s retail sales data is out today with the market expecting a 0.2% rise in March from February which would be a slight decline from the 0.3% reported in February and will provide another indicator that inflation is easing as consumer retail spend is a key driver of inflation.

What to watch today:

• Ahead of Tuesday’s trading session in Australia the SPI futures are expecting the ASX to open the day up 0.16% tracking global gains overnight.
• On the commodities front this morning, oil is trading 1.2% lower at US$82.72/barrel, gold is down just 0.08% at US$2335.86/ounce and iron ore is up 0.44% at US$110.16 per tonne.
• AU$1.00 has strengthened to buyUS$0.66, 102.54 Japanese Yen, 52.36 British Pence and NZ$1.10.

Trading Ideas:

• Bell Potter has maintained a buy rating on Coventry Group (ASXCYG) and raised the 12-month price target on the leading Australian industrial supply and services group after the company announced the acquisition of Steelmasters which is Australia and New Zealand’s third largest specialty fastener distributor, for an upfront cash consideration of NZ$45m. Coventry is funding the acquisition with a fully underwritten $25m two-tranche institutional placement and after receiving strong support from investors, upsized the raising to $30m.
• Trading Central has identified a bullish signal on Pilbara Minerals (ASX:PLS) following the formation of a pattern over a period of 53-days which is roughly the same amount of time the share price may rise from the close of $3.96 to $5.00 to $5.20 according to standard principles of technical analysis.

Wall St returned to rally mode on Friday following the release of strong earnings results and fresh US inflation data. The S&P500 and Nasdaq both posted their best week since November and closed up 1.02% and 2.03% respectively on Friday while the Dow Jones added 0.4% ended Friday’s session up 0.4%. Alphabet was a key driver of the rally on Friday with the stock lifting 10% after the tech juggernaut posted better-than-expected first quarter earnings while Microsoft added nearly 2% on the release of strong third-quarter results driven by an uptick in cloud growth.

Investors also digested March’s core personal consumption expenditures index reading which came at a rise of 2.8% which was ahead of expectations of 2.7%.

In Europe on Friday, strong earnings results out in the region also prompted investors to rally around equities to close the week on a high with the STOXX600 rising 1.2% while Germany’s DAX added 1.36%, the French CAC rose 0.89% and in the UK, the FTSE100 gained 0.75% on Friday.

The global rally outside of Australia on Frida y extended to the Asia markets, rebounding from the recent sell-off in the region, led by Japan’s Nikkei climbing 0.81% on the BOJ maintaining interest rates at 0%-01% for another month as expected and Tokyo’s headline inflation coming in at 1.8%, easing from the 2.6% reported in March.

The local market ended Friday’s session down 1.4%, as hotter-than-expected inflation data released on Wednesday continues to push bond yields higher and dampens investor hopes of interest rate cuts out of the RBA in the near future. When interest rate outlook is uncertain, investors tend to flock to investments that offer safer returns like government bonds which is why the Australian 10-year bond jumped 19 basis points to 4.59% and the 1-year bond jumped 13 basis points to 4.36% which tops the current cash rate of 4.35%.
 Investors locally also took strong lead from Wall Street Thursday after weaker-than-expected GDP data was released, indicating the high interest rate environment is dampening growth for the world’s largest economy.

Every sector locally ended Friday’s session in the red led by the rate sensitive real estate sector which tumbled over 2% as companies in the REIT space wear the full costs of the high interest rate environment unlike other sectors that can pass on the rising costs associated with interest rate hikes. The materials sector was also weighed down on Friday by BHP falling over 4.4% after the mining giant announced a takeover bid worth almost $60m for copper miner Anglo American, which was subsequently rejected by Anglo American this afternoon on the grounds of materially undervaluing the company.

What to watch today:

• Ahead of the first trading session of the new week, the SPI futures are expecting the ASX to open Monday up 0.32% tracking Wall Street’s rally on Friday.
• On the commodities front this morning, oil is trading 0.05% lower at US$83.72/barrel, gold is up 0.31% at US$2337/ounce and iron ore is up 0.44% at US$110.16/tonne.

Trading Ideas:

• Bell Potter has increased the 12-month price target on Regis Resources (ASX:REG) from $2.60 to $2.80 and maintain a buy rating on the gold miner following the release of the company’s March quarter update which came in below Bell Potter expectations as a result of rainfall impact on operations, however, the price target increase is due to gold price tailwinds and the company completing its first full quarter of unhedged gold sales.
• And Trading Central has identified a bullish signal on Champion Iron (ASX:CIA) following the formation of a pattern over a period of 16-days which is roughly the same amount of time the share price may rise from the close of $7.12 to the range of $7.55 to $7.65 according to standard principles of technical analysis.

Wall St closed lower overnight after the latest economic data showed a slowdown in growth, pointing to persistent inflation. The Dow Jones closed nearly 1% lower, the S&P500 closed 0.46% in the red and the tech-heavy Nasdaq fell 0.64%. US GDP data was released overnight, coming in at 1.6% in the first quarter which was lower than the forecast of 2.4%. Inflation data also increased at a 3.4% pace, above the previous quarters 1.8% advance.

Over in Europe, markets closed lower as investors react to the latest set of earnings. The STOXX600 closed 0.6% lower with the majority of sectors closing in the red with industrial stocks falling 1.9% whilst healthcare added 0.2%. Germany’s DAX fell 0.95%, the French CAC lost 0.93%, whilst over in the UK, the FTSE100 ended the trading session nearly half a percent in the green.

And locally yesterday, markets were closed for the ANZAC Day public holiday.

What to watch today:

• The Australian market is set to open lower, with the SPI futures suggesting a fall of 0.34% at market open this morning.
• On the commodities front this morning,
   
  • Oil is trading 1.29% higher at 83 US dollars and 77 cents a barrel following US crude inventories falling by 3.37 million barrels last week. 
  • Gold is trading 0.7% higher at 2332 US dollars an ounce and iron ore is trading 0.43% higher at 109 US dollars and 23 cents a tonne.

Trading Ideas:

• Bell Potter has maintained a buy rating on Beach Energy (ASX:BPT) and has a 12-month price target of $1.80. The buy rating is maintained by Bell Potter as BPT is rolling-off peak capex into a step-change in production and free cash flow in FY25-26. The company has retained a strong balance sheet capable of supporting the group’s progressive dividend policy. With a positive view on Australian east coast gas and LNG markets, and a strong production and earnings growth outlook, a buy rating is maintained.
• And Trading Central has identified a bullish signal on NextGen Energy (ASX:NXG), indicating that the stock price may rise from the close of $12.10 to the range of $13.70-$14.00, on a pattern formed over 15 days according to the standard principles of technical analysis.

Over in the US on Tuesday, strong corporate earnings results drove Wall Street into rally territory following a turbulent, widespread sell-off last week. The Dow Jones rose 0.69%, the S&P500 gained 1.2% and the Nasdaq ended the session up 1.6%. Music streaming platform Spotify jumped 11.4% on Tuesday after beating Wall Street’s first-quarter expectations, while Tesla is set to report earnings after the closing bell today. So far, 20% of the S&P500 companies have reported with 76% having beaten analysts’ expectations according to FactSet.

In Europe overnight, markets closed higher also due to strong corporate earnings reports being released. The STOXX600 rose 1.1% on Tuesday as all sectors aside from mining closed the day in the green. Germany’s DAX rose 1.55% yesterday, the French CAC added 0.81%, and the UK’s FTSE100 rose to another intra-day record high before settling the day up 0.26%. The ease in gains on the FTSE100 followed the Bank of England’s chief economist making hawkish comments regarding the rate cut outlook in the UK.

Asia markets closed mostly in the green on Tuesday as favourable business activity in the region indicated faster expansion of activity in April, in a rebound for key economies across Asia. Japan and India recorded faster rates of expansion in April across the business sector which prompted Japan’s Nikkei to rise 0.3% on Tuesday, while Hong Kong’s Hang Seng rose 2% and South Korea’s Kospi index closed just 0.24% lower on Tuesday.

The local market has recovered from last week’s sell-off to start this week in positive territory with Tuesday’s session closing up 0.45%, driven by Wall Street’s rally on Monday and ahead of key local inflation data out just before midday today with the market expecting a stark decline in inflation from an annual rate of 4.1% in Q4 to 3.4% in Q1. Tech stocks led the charge on Tuesday rallying 1.73% on inflation and rate cut outlook, while energy stocks came under pressure amid the sliding price of oil over the last week.

Gold producers were also sold off on Tuesday on the declining price of the precious commodity which sent Ramelius, Regis Resources and St Barbara lower yesterday.

Soft almond prices caused investors to flee Select Harvests on Tuesday, sending the price of the almond producer down 11%, while investors also sold out of Lifestyle Communities after the company signalled lower home settlements than expected in the latest update.

Brambles was one of the leading losses on Tuesday after the pooling and logistics solutions company posted a trading update that disappointed investors.

What to watch today:

• Ahead of the midweek trading session here in Australia the SPI futures are expecting the ASX to open the day up 0.31%, tracking Wall Street’s rally overnight.
• On the commodities front this morning oil is trading 1.5% higher at US$83.35/barrel, gold is down 0.4% at US$2324.68/ounce and iron ore is up 0.34% at US$108.62/tonne.
• AU$1.00 is buying US$0.65, 100.43 Japanese Yen, 52.06 British Pence and NZ$1.09.

Trading Ideas:

• Bell Potter has increased the 12-month price target on MedAdvisor (ASX:MDR) from 44cps to 47cps and maintain a buy rating on the healthcare tech company following the release of a strong Q3 result out of the company driven by US growth including revenue of $99.8m YTD, and Q3 revenue of $24.2m which is up 42% on the PCP. The Q3 update gives Bell Potter’s analyst confidence that MedAdvisor is executing nicely on its path to profitability.
• And Bell Potter has maintained a buy rating and price target of $6.35 on Boss Energy (ASX:BOE) following the announcement of the company’s first drums of uranium being produced at its Honeymoon mine in South Australia, making Boss’s Honeymoon mine the third uranium mine operating in Australia.

Wall St closed higher overnight as the S&P 500 broke a 6-day losing streak. The Dow Jones gained 0.67%, the tech-heavy Nasdaq rallied 1.11% and the S&P 500 ended the trading session 0.87% in the green.

In terms of US shares, Nvidia jumped 4.4% following a 14% sell off last week with Arm Holdings also rebounding nearly 7% overnight.

Over in Europe, markets closed higher with the STOXX600 closing 0.6% higher with the majority of sectors ending the day higher. Gains were led by telecoms stocks which rose 2.1%, whilst auto stocks fell 0.8%.

Locally yesterday, the ASX200 closed over 1% higher with all but one sector in the positive. Gains were led by the health and communication services sectors which gained 1.97% and 1.73% respectively. This was offset by the energy sector which fell 1.51% on Monday.

What to watch today: 

• The Australian share market is set to open higher, with the SPI futures suggesting a rise of 0.25% at market open this morning.
• On the commodities front this morning,
   
  • Oil is trading 0.09% lower at US$82.14 a barrel as geopolitical tensions continue in the middle east. 
  • Gold is trading 2.70% lower at US$64.59 an ounce as Tehran downplayed Israel’s strike against Iran which moved investors away from the safe-haven asset. 
  • And iron ore is trading 0.28% higher at US$108.25 a tonne as markets predict higher demand from Chinese steel producers.

Trading Ideas: 

• Bell Potter has maintained a buy rating on AMA Group (ASX:AMA) and has a 12-month price target of $0.12. The buy rating is maintained by Bell Potter as AMA released its appendix for the third quarter of FY24 with EBITDA up 43% year-on-year. The $0.12 price target is a greater than 100% premium to the share price so Bell Potter maintains the buy recommendation.
• And Trading Central has identified a bullish signal on IVE Group (ASX:IGL), indicating that the stock price may rise from the close of $2.11 to the range of $2.38-$2.44, on a pattern formed over 31 days, according to the standard principles of technical analysis.

Wall Street ended Friday’s session mostly in the red as the theme has gone in the U.S. over the last week with investor jitters rising amid fears of a pushback in the rate cut outlook from the Fed due to inflation remaining sticky in the world’s largest economy.

The Nasdaq fell over 2% on Friday as investors retreat from chip stocks including Nvidia plummeting 10%, and Netflix falling 9% even after quarterly results beat market expectations. The Dow Jones bucked the downfall trend on Friday by rising 0.56%, while the S&P500 slipped 0.88%. While investor sentiment in the U.S. has primarily been focused on the rate outlook over the last week, investors have also been equally as concerned over rising tensions in the Middle East.

The S&P500 had its worst week last week since March 2023 while the Nasdaq lost 5.5% and the Dow Jones gained 0.01% over the trading week.

Over in Europe markets it was a different story as investor sentiment was boosted by rate cut speculations out of the ECB. The STOXX600 rose 0.3% on Friday, Germany’s DAX fell 0.55%, the French CAC closed flat and, in the UK, the FTSE100 rose 0.24%. Banks led the gains in the region while energy stocks dropped 1.5% on the sliding price of oil.

In Asia on Friday, markets tumbled amid escalating tensions in the Middle East, particularly on the back of Israel’s attack on Iran. Japan’s Nikkei fell 2.66% on Friday as key inflation data in the region indicated headline inflation fell to 2.7% in March, from 2.8% in February. South Korea’s Kospi index fell 1.63%, and Hong Kong’s Hang Seng fell 0.99%.

Locally on Friday the ASX200 fell just shy of 1% as all 11 sectors closed the day in the red led by the rate sensitive sectors as tech dropped 1.55% and REIT stocks fell 1.45%. Karoon Energy fell 5.4% on Friday after downgrading guidance for oil production in FY24.

The price of gold rallied to a record high on Friday above US$2400/ounce as the safe-haven asset soars in popularity both from investors and global banks amid rising geopolitical tensions and deflationary pressures in certain key economies around the world.

What to watch today:

• Ahead of the first trading session to start the new week, the SPI futures are expecting the ASX to open the trading day down 0.6%, extending on the negative sentiment from last week.
• On the commodities front this morning oil is down 0.1% to trade at US$83.03/barrel, gold is down 0.3% at US$2384/ounce and iron ore is up 0.28% at US$108.25/tonne.
• AU$1.00 is buying US$0.64 cents, 99.30 Japanese Yen, 51.87 British Pence and NZ$1.09.

Trading Ideas:

• Bell Potter has increased the 12-month price target on Gold Road Resources (ASX:GOR) from $1.85 to $2.10 and maintained a buy rating on the gold producer following the release of the 1Q24. Despite significant rain events impacting production and damaging the road supply route to the company’s Gruyere project, Bell Potter’s analyst believes the mining issues have now been overcome and the company’s share price to recover, supported by gold price tailwinds.
• And Trading Central has identified a bearish signal on Sigma Healthcare (ASX:SIG) following the formation of a pattern over a period of 27-days which is roughly the same amount of time the share price may fall from the close of $1.25 to the range of $1.08 to $1.12 according to standard principles of technical analysis.

Wall St closed lower overnight as the S&P 500 fell for the fifth straight day, its longest losing streak since October. The Dow Jones gained 0.06%, the tech-heavy Nasdaq lost over half a percent and the S&P 500 lost 0.22%.

Over in Europe, markets closed higher as investors speculate about the first interest rate cut by the European Central Bank. Germany’s DAX closed 0.38% higher, the French CAC closed 0.52% in the green and over in the UK, the FTSE100 ended the trading session up 0.37%.

Locally yesterday, the ASX200 closed 0.48% higher with the majority of the sectors rallying. Gains were led by the information technology and materials sectors which gained 1.01% and 0.99% respectively. This was offset by the health sector which lost 0.47% by market close yesterday.

What to watch today: 

• The Australian share market is set to open lower, with the SPI futures suggesting a fall of 0.72% at market open this morning.
• On the commodities front this morning,
   
  • Oil is trading 0.64% lower at US$82.16 a barrel, following a surge in US oil inventories. 
  • Gold is trading 0.48% higher at US$2379 an ounce after financial chiefs in the US, Japan and Korea signalled a warning over depreciation in currencies. 
  • And iron ore is trading 1.16% higher at US$107.30 a tonne.

Trading Ideas: 

• Bell Potter maintains a buy rating on APM Human Services International (ASX:APM) despite decreasing its 12-month price target to $1.40. The buy rating is maintained by Bell Potter following the APM board receiving an offer of $1.40 per share from MDP. Hence, the 12-month target price target reflects the offer from MDP, which is believed by Bell Potter, likely to proceed.
• And Trading Central has identified a bullish signal in Pointsbet Holdings (ASX:PBH), indicating that the stock price may rise from the close of $0.81 to the range of $0.88-$0.90, on a pattern formed over 24 days, according to the standard principles of technical analysis.