Wealth Within’s Hot Stock tip this week is Bank of Queensland (ASX:BOQ), going by its method of chart analysis.
Wealth Within’s senior analyst Fil Tortevski said there was heightened buyer activity around BOQ.
“This is a real opportunity to potentially get involved in this kind of stock, if it’s going to give that long term growth.
“And, with the way things are heading in financial markets and with the banking sector still really leading the charge – that high interest rate environment – it does support these stocks definitely, for price growth,” he said.
Dale Gillham said BOQ was impacted by RBA interest rates decisions because costs of borrowing money to lend tended to be higher.
“If interest rates start to drop these banks will start doing better,” he said.
“We’ve seen some of these more obscure banks doing a lot better than the big 4 banks.
“A lot of people are going: ‘I’m not getting the service… I’ll go where the better deals are’.”
The Proceed with Caution pick is Telstra (ASX:TLS) if the price level can get through $4.06. Dale Gillham said if it can get through $5 investors will ‘take notice’.
The ‘Not Hot’ warning lies with BWP Trust (ASX:BWP).
Dale Gillham is Chief Analyst at Wealth Within and international bestselling author of How to Beat the Managed Funds by 20%. He is also the author of Accelerate Your Wealth—It’s Your Money, Your Choice, which is available in bookstores and online at www.wealthwithin.com.au
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