(XNJ): INDUSTRIALS SECTOR (ASX): REH - REECE LIMITED || March 10, 2024 Master of Elliott Wave Analysis: Shane Hua (CEWA-M). (Left chart): The broad context (1D chart) indicates that wave 2-red has bottomed out at a low of 17.10, followed by wave 3-red (not displayed on the chart) unfolding with waves ((i))-green to ((iv))-green having concluded. Now is the time...
After A Nice year long bull run for REECE LIMITED, The bulls look to be taking profits and REECE LIMITED Looks to be running out of steam... A 12 Month Cycle with 170% Gains the weekly RSI In heavily overbought territory. I Feel we will start to see the the remarkable gains since the Covid Lows diminish not just on this stock but over the market in general. A lot...
REH or Reece also took a big hit with earnings. Looks oversold down 20% off its highs so around 30% to recover if it resumes its upward trend. Earnings headlines didn't look too bad. Analysts were looking for more... Reece FY Revenue Rose 4% To A$ 6.271 Billion * FY REVENUE ROSE 4 PERCENT TO A$ 6.271 BILLION * FINAL DIVIDEND UP 100% TO 12 AU CENTS PER...
Aussie company Reece has been having a great run over the last 12 months continually making higher highs through the year to be up just under 150% in price - while still a low $20 stock. The Australian building boom doesn't look like it will slow down any time soon, so Reece could be well worth a watch for a while to come.
Margin of safety buy price, 8 year Payback price 10cap price
Early days and need more conviction. Bullish falling wedge needs more expansion in volume. ASX:REH
Looking at the weekly chart, Reece could be hitting the bottom of an Elliot correction wave. MACD is leveling off, but still below the zero, so it could still get a little lower. A quality stock to watch.