Potential Buy Entry Alert to Watch AWC
Time Frame : Daily/Weekly
Sector : Materials/Basic Materials
Key Stats : $6.57 Billion Market Cap, VWAP 2.303, ASX Ranking 71, 4 Week Av Turnover $36,756,353, Current Turnover (Intraday as at time of alert) $3,729,293, PE 8.0, Div Yield 11.46%.
Company Overview : Alumina Limited (AWC) is an Australia-based company. AWC is engaged in investing in bauxite mining, alumina refining and selected aluminum smelting operations, through its 40% ownership of Alcoa World Alumina and Chemicals (AWAC). AWAC also has a 55% interest in the Portland smelter in Victoria, Australia.
Broker Consensus : BUY/HOLD
AWC – Alumina Limited
AWC may just be what is needed for a long term portfolio as buyers seem to be happy to step in above the 2.10 zone and soak up the selling pressure. The Dividend yield alone looks very attractive so we are watching for longer term buyers to step in around 2.20/2.30 to build a higher low for evidence that price is building for a move up. There is still some work to do so we will be watching the Daily action for a potential buy entry setup and push up through 2.50. We expect that trade war and a global slowdown will continue to drag on the action in the near term but traders will be looking forward for China demand to continue to grow and may have already priced in the negativity.
Stock Code : AWC – Alumina Limited
Company Website : www.aluminalimited.com
Current Price : 2.32
Status : On watch for potential higher low and push up through 2.50