Wealth Within chief analyst Dale Gillham and senior analyst Fil Tortevski have tipped $4.68 billion garbage giant Cleanaway Waste Management Limited (ASX:CWY) as their Hotcopper Hot Stock tip of the week – especially because it seems to be slowly building towards a euphoric run akin to its mid 2000’s rush.
“Sometimes you just see a stock and it’s like, I’m just taking money from the market,” Mr Gillham said, with Mr Tortevski quickly agreeing with the sentiment.
Cleanaway sits at $2.90 a share today after having lifted 4.5% over the last month.
The garbage giant has flirted with $3 several times through 2024, starting with a sharp hike in early May, and in Mr Tortevski’s eye it looks ready to push beyond that ceiling soon.
“We just need to take out some of these levels and I think the trend will resume,” he explained, “with $3.30 at a minimum [once it beats resistances].”
“I understand exactly why this is the HotCopper Hot Stock,” Mr Gillham added, “because it’s almost criminal how easy this [stock] can be to trade. That’s why I saw your eyes light up when you saw this… I’m taking money. It’s that easy.”
Proceed with Caution
AGL Energy (ASX:AGL) is the company retail investors should be proceeding with caution on – but not completely shelving it – with the electricity and gas giant sitting in an “interesting” place as it grinds through a lacklustre rise.
“There’s a part of me that thinks this could get stuck sideways,” Mr Tortevski warned, “given it has given that breath to show, ‘Hey, I want to accept levels about $12.50.'”
With that usual ceiling coming up, AGL may have already run its course in 2024.
The “choppy” energy and gas provider traded at $11.25 today.
Not Hot
The “Not Hot” stock tip this week, according to the Wealth Within duo, is intellectual property services group IPH Limited (ASX:IPH), which has been struggling – definitely “don’t put the house on it” any time soon.
“Maybe we should call this DOG, because it’s going south,” Mr Gillham joked.
Mr Tortevski agreed, before pointing out the best way to manage IPH’s downward trend would be to “short the hell out of it” all the way down.
Both added to be very careful about where the bottom of this flagging stock is, because its twice already had it fall lower since mid-2022 at just above $8.
IPH Limited last traded at $4.96 today towards close.
This show comes in the lead-up to Wealth Within’s live YouTube show tonight at 7pm AEDT.
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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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