‘Bullish sign’: Expert names 2 rising ASX shares to buy right now

In volatile times like this year, it becomes more difficult to find ASX shares that are consistently rising.

It was easy to do in the bull market of 2020 and 2021, but right now they’re like gems hidden underground.

But Fairmont Equities managing director Michael Gable reckons he’s found a couple, which he’s recommending as immediate buys before they rise even further:

‘This is a bullish sign’

Gaming maker Aristocrat Leisure Limited (ASX: ALL) is “a high quality business”, Gable told The Bull.

“It’s established a solid track record of double-digit earnings growth over the years.”

Although the Aristocrat share price is down 24% for year to date, it has staged a 12.3% rally since 12 May.

This swim against the tide impresses Gable.

“Although the broader share market bottomed in June, Aristocrat stock was already rising from its low point in May,” he said.

“Since then, the share price has continued to edge higher despite broader market volatility. This is a bullish sign from a charting point of view.”

The wider professional community agrees with Gable. According to CMC Markets, 13 out of 16 analysts currently rate Aristocrat as a buy, with 11 of those recommending the stock as a strong buy.

‘This presents a buying opportunity’

It’s been well documented that energy prices have rocketed up this year on the back of supply constraints from Russia’s invasion of Ukraine.

But at least for Santos Ltd (ASX: STO), Gable reckons the share price hasn’t peaked yet.

“Santos will continue to benefit from what I believe will be increasing energy prices for some time.”

After a nice rise this year to June, Santos shares, along with other energy producers, took a hit in June as recession fears gripped the market.

But that simply presents a tempting entry point, Gable reckons.

“The share price is down from its June peak in response to a short-term retreat in the crude oil price,” he said.

“However, this presents a buying opportunity, as the share price has recently firmed and is starting to resume its uptrend.”

Similar to Aristocrat, Santos is also well backed by professional investors. A whopping 14 out of 17 analysts currently surveyed on CMC Markets rate the stock as a buy.

The post ‘Bullish sign’: Expert names 2 rising ASX shares to buy right now appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Tuesday
• Broker names 2 of the best ASX shares to buy now
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• 5 things to watch on the ASX 200 on Monday
• Aristocrat share price defies the selloff thanks to bullish brokers

Motley Fool contributor Tony Yoo has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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