Some time away.!..lol.
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Apologies for the gobbledy gook chart speak, but on a log scale OHE re-entered the IPO to March 2016 linear regression channel (down trending channel) on Monday and touched on the median line of that channel today. I can't tell what the bottom line (support) of the channel is because it's such a steep decline it currently doesn't show on the log chart, but I think it's a smidgen above $1.00.
Staring into the abyss with no historical TA price data, the only thing I can find to give some indication is that linear regression channel. It's hardly confidence inspiring, but maybe the median line will now give some relief as it beggars belief that the SP will find the bottom on that old channel!
I thought it OHE was looking like bottoming today, bouncing off $1.80 and finding some buyer support albeit leaking back prior to close, then whammo a modest 23,293 shares traded at $1.77 5:11pm for a lower low. Looks like a capitulation to me.
Can't call this a bottom with any skerrick of confidence, but the selloff is looking overdone to me. Bargain hunters will be on the buy-side.
Also, the NBR article today with Ian McRae and the 'analysts' weighing in, basically says the HY report forecasting profitability is somewhat disingenuous as shareholder capital is likely to be chewed up completely and the draw on funds is what will 'hopefully' shore up the pathway to profit.
This is what I mean by naive company reporting, selective disclosure is always hiding something and generates a negative response from shareholders when the full facts are illuminated.
I still think they'll do very well in the longer term, but the risk/reward scenario is definitely in play right now.
No one here gives advice carrom, they just say it how they see it. Far be it for me to comment on Forsyth's analysis, I really don't know what they're looking at. I've said enough for the meantime, if I picked out one comment I made it would be "Bargain hunters will be on the buy-side". Bearing in mind that every sell has a buyer on the other side.
Know how you feel carrom, i got severly stung by Wynyard too. With that in mind I got out of OHE the other day at $2.05 having bought in at IPO, So yes I took a big loss but at least I didnt loose everything like I did with Wynyard. IMHO there are safer places to park your money.
Hmm ... nothing wrong with the ice cream (though not sure about the jelly-tip), and Summerset sounds at this stage like a sensible long term bet.
MEL I can sort of understand as well (but watch closely ...), but IFT? I am sure they won't roll up their toenails anytime soon, but the current trend chart looks awful. Might be cheaper in a month or two or three or four ...
Anyway - compared to your previous OHE portfolio I think you did a lot of de-risking, and this must be good ...
Discl: hold currently none of the above (unless somebody filled my order for SUM ;)) - and obviously - DYOR;