If MM is correct and the ASX can rally back above 9000 we see the gains being largely driven by the miners and some bargain hunting in beaten up stocks, e.g. SEEK has more than halved from its 2025 high. The stock is now trading more than 40% below its average 5-year valuation leaving plenty of room for a bounce, especially if bond yields stop rising.
- We are bullish towards SEEK looking for a test of $16, or +30% in the coming months.
Trade Idea: Buy SEEK Ltd (SEK) using a limit of $12, with stops at $11.05, around 8% risk.
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