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Thread: SANford Chart

  1. #1
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    Default SANford Chart

    For the first time since 2000, SAN has fallen below $4.70.
    This stock had found consistent and reliable support at this level many times over the last 3 1/2 years.


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    Today is the record date for 9cps dividend too, so it is likely to be lower come Monday.

    Regards JAMP
    NZX: MCH MFT RBD SAN SKX SPN VTX WRI
    UCM: KCE

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    OBV rising.

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    Kitty,
    I'm not sure what time frame you are looking at when you say the OBV is rising - broadly speaking, it has been more or less level (trendless) all this year. Here is my take on the SAN/OBV relationship :-

    You can see that there have never been any "Class A" divergences (When Price and OBV go in opposite directions) inferring that institutions or other big buyers have not been taking any great interest in SAN - buying or selling. Note too that the OBV is still in negative territory. In the absence of any clear divergence or trend, the OBV is not much help to us here, in my opinion.

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    Phaedrus and Kitty, I can't confess to knowing what an OBV is...so perhaps I should be posting into the other Sanford thread.

    Following a recent purchase (16Jun04) at $4-60, I have averaged down my holding in SAN. With the shareprice having broken the previous support level of $4-70, is it your expectation that this will now become a level of resistance?

    Regards JAMP
    NZX: MCH MFT RBD SAN SKX SPN VTX WRI
    UCM: KCE

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    Jamp,
    That's correct - a support level, once broken, commonly becomes a new resistance level. Commonly, not invariably.
    I have no expectations - all I know is that Sanford is looking weaker now than it has in quite a while. Even if you take the optimistic view that the trading range is continuing, this stock has gone nowhere for over 2 years. During this time many NZ stocks have made significant gains.
    So you have just bought - maybe you were feeling lucky, maybe you have picked the bottom to perfection, maybe you know something that others don't, maybe something fundamental has changed, maybe you are a true contrarian. Good luck to you - SAN owes you a drink or two.


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    Lookat all dem double tops (and the subsequent dips) on Phaedrus' first chart! Sheesh.

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    Luckily SAN doesn't really owe me anything - I have only been with them since Apr04.

    The one certainty in their industry is that things will change. I do believe that they are well positioned to;

    a) roll with the punches when the change is for the worse
    and
    b) move forwards when the change is for the better

    As an aside, if SAN push north of $4-70 will this become a support level again?

    Regards JAMP
    NZX: MCH MFT RBD SAN SKX SPN VTX WRI
    UCM: KCE

  9. #9
    Speedy Az winner69's Avatar
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    SAN looking pretty weak at the moment

    Overall market doing remarkably well but SAN sinking to leveks not seen since the turn of the century

    With little demand at current even the listed low p/e is not attractive

    Wonder what is going on?
    When investors are euphoric, they are incapable of recognizing euphoria itself.

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    Don't know, but whatever it is, it has been going on since mid 2001!
    Notice how nicely and accurately the support SAN had at $4.70 became resistance, once this long-term support level was broken.

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    New support levels at 4.20? Or is the SP going to keep freefalling after the cuts in the Hoki qouta and future qouta cuts telegraphed by the beehive. The fishing sector is desperately in need of some consolidation and new ideas.
    Bring on GPG! [}]
    http://www.kittydashwood.com - advice from a small black and white house cat, who favours a gap up on a red doji.

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    I don't know how accurate the supposition of a support level at $4-20 for SAN is, but the earlier flagged resistance level of $4-70 has reared its head again.

    Pleasing to see that the newly opened Auckland Fish Market has landed at least one of the industry heavyweights. Has anyone had an opportunity to look around the market perchance?

    Regards JAMP
    NZX: MCH MFT RBD SAN SKX SPN VTX WRI
    Unlisted: KCE SUB

  13. #13
    Speedy Az winner69's Avatar
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    Not many support levels below 400

    Uncharted waters now
    When investors are euphoric, they are incapable of recognizing euphoria itself.

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    I purchased 500 at 4.30 not long ago, just to dip my toes in water so to speak, would love them to plummet, (he says sniffing a bargain) May take a while but every dog has its day !

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    My buy finger has well and truly been twitching on this one.

    I transferred funds from my bank account on Monday morning (before work) with the intention of buying more SAN on Tuesday. I didn't find out about Access Brokerage being in liquidation until Monday evening (after work) by which time it was too late to cancel the funds transfer.

    Right about now I would rather have my funds drifting on the open sea with SAN than freezing in the BNZ vault.

    Regards JAMP
    NZX: MCH MFT RBD SAN SKX SPN VTX WRI
    Unlisted: BRK

  16. #16
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    Pity about the bad timing on your funds transfer Jamp

    You are keen about picking the bottom of SAN aren't you ... do you see that much value in them?

    Maybe should join the ATR fan club instead

    When investors are euphoric, they are incapable of recognizing euphoria itself.

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    Although there are certain divergences between some volume based oscillators and price, it does not mean that a bottom has been reached. You really have to wait for price action to confirm.

    How low is too low....I certainly wouldn't be jumping in just yet!

    Jamp - hope things work out for you re Access.

    Rgds

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    My first day back in employment too after being unemployed for longer than anticipated. It nearly put a dampener on the day, but not quite.

    I will just have to hope that the share price stagnates until such time as my funds are freed up (always the optimist). In nature I am a little contrarian, so at the moment I feel this has me stamped all over it. No guarantees that we have seen the bottom, but as soon as my bait arrives I am happy to sling it on my hook, dangle it over the side and see what happens.

    Regards JAMP
    NZX: MCH MFT RBD SAN SKX SPN VTX WRI
    Unlisted: BRK

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    quote: Originally posted by Jamp

    My first day back in employment too after being unemployed for longer than anticipated. It nearly put a dampener on the day, but not quite.
    Gotta be happy the first day back is a Friday


    Sideshow


  20. #20
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    Jamp. For me the last buy signal was at the end of July followed by a sell 10 days later with a 2% loss. Sorry about the funds to Access debacle.
    I'm with Stockman on this one - not yet.

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