Technical outlook – “Is there a rejection is the place from this month’s challenge of $4.98 high?” – We believe so.
Exhaustion appears to have set-in as this share idles above the support of $4.80.
Therefore, viewing the two leading technical indicators we use, the Moving Average Convergence Divergence (MACD) indicators and the Relative Strength Index (RSI) suggests another bout of challenges are expected to emerge.
It is therefore envisaged that this share price will hold to the bearish signals views from the MACD and RSI and expect to encounter renewed supply to strengthen prices to slip towards a foreseeable target of $4.59, reassess from there.
Company Overview – Tabcorp Holdings Limited (TAH) is into the provision of gambling and entertainment services. Tabcorp’s portfolio of brands includes TAB, Keno, The Lott, George, Max, TGS, eBET and Sky Racing. The Group has four operating segments namely Wagering and Media, Lotteries and Keno, Gaming Services and Sun Bets.