JB HiFi is going to go up over the next few weeks.
Fundamentals - Promising Australian economic data ie skyrocketing consumer confidence, JobKeeper payments are 50% unused meaning potential demand, good May PMI's, retail sales beating expectations -----> suggesting recovering in spending - relatively isolated from geopolitical risk ie main market is Australia/NZ, supply chain protected with excess stock/inventory ----> hedge against unwanted risk - JB HiFi is heavily stocked on electronics ---> supporting the growing/prolonged work from home trend ----> hedged from geopolitical concerns, cash flow concerns - Stock has rallied from March low and now in an uptrend ----> market's support for the business at this time - Major indices are rallying -----> supporting economic reopening hopes
Technicals - 20 day MA crossing over 50 day MA and 200 day MA ----> bullish indicator - MACD & RSI trending upwards -----> bullish indicator - 20 day MA now support
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Today's Westpac Consumer Sentiment Index rose 6.3%, fully erasing coronavirus related worries.
This is further confirmation of JB HiFi's continued bullish momentum.