MM has discussed at length gaining exposure to a tech bounce/recovery over recent weeks and after being patient today we are pressing the button and buying XRO which is currently trading ~$111.00, more than 40% below its June high. Theres is a number of options in the sector after recent weakness, but Catapult (CAT) appears to have already bolted leaving XRO as an excellent alternative as it gains support in the $111-112 area.
- Buy Xero Ltd (XRO) at $111.00 with initial stops at $105.00 – 6% risk.
Also, we are cancelling our two open bids which are highly correlated to XRO.
- Buy Catapult Sports Ltd (CAT) at $4.04 with initial stops at $3.60 – 11% risk.
- Buy Life360 (360) at $35 on stop now its broken below $34.
Elsewhere we have two open positions:
- Long Domino’s Pizza (DMP) at $20.90 with stops at $21.50.
- Long Sandfire Resources (SFR) at $15.20 with stops at $16.47.
MM is buying Xero (XRO) as a trade around $111.00
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