Argosy Property Limited (ARG:NZX)
Technical Summary: After our initiation of report on Argosy In July 2020 at $1.18 the stock is up 22% and now trading at $1.44 mark. On October 13th the stock touched $1.49 peak to retrace back to $1.41 showing the resistance at this level holds. Later the stock further came down to $1.39 and from here climbed back up to $1.44 as of the last trading session. We think the stock can have another go at $1.49 resistance point and the strong resistance zone looks to be between $1.49 to $1.54. Given this we maintain a BUY rating. In case of any reversal, the stock could come down to touch $1.38 and it can serve as good entry support. From here another attempt to break the resistance could initiate. If any further downward movement occurs, we see the Support Zone between $1.35 to $1.31 which should strongly hold. In the longer term we see that the stock after breaking the resistance levels can move
higher towards $1.60 to $1.70 territory.
