HUB24 Limited (ASX: HUB) provides a comprehensive range of investment options, including managed portfolio solutions, and enhanced transaction and reporting functionality to advisors and their clients via its technology and data services platform HUBconnect Pty. Ltd. and Agility Applications Pty. Ltd. As per the previous recommendation on HUB as on 10 July 2023, a ‘Buy’ recommendation was given on the stock at AUD 23.910, and noted below are the details of support and resistance provided in our previous report:

Recommendation Summary as on July 10, 2023

HUB’s Daily Chart

Considering the stock crossing second resistance zone, current trading levels and risks associated, it is prudent to book profit at the current levels. Hence, a 'Sell' rating is given on the stock at the current market price of AUD 31.270, at 11:10 AEST as on 24 August 2023.

Note: This report may be updated with details around fundamental and technical analysis, price chart in due course, as appropriate.

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical issues prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

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 24 August 2023. 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 a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock. 

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock. 

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.

Disclaimer

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