-
-
Limegreen,
Here is a larger scale chart covering the period you were commenting on. It includes todays Close of $1.88 in magenta.
Technically, MFT is behaving itself very well, as this chart illustrates. You can see broken Resistance becoming Support (right to the cent) You can see the bearish Double Top (right to the cent). You can see steep fall, once previous Support was broken.
A classical scenario now would be a price increase leading to a failed re-test of the $1.96 Support/Resistance level making a bearish Head and Shoulders pattern. But we won't talk about that.
People that take brokers advice deserve all they get! Or not. There may well be some fundamental evidence that MFT has upside potential. Perhaps the market is unaware of it or doesn't believe it. This stock is clearly being sold down at the moment.
PS - Don't forget to trim your charts so that they don't force the entire thread to run offscreen. (Being smaller, they also load quicker - not everyone has broadband!)
-
Member
Thanks Phaedrus. I have had a little trouble easily resizing my charts so they are still legible (they're primarily for my own benefit rather than posting here, and to make them narrower would require that I start from the beginning of the process, so I do apologize, but er, I'm a little lazy).
quote:A classical scenario now would be a price increase leading to a failed re-test of the $1.96 Support/Resistance level
I wouldn't be so sad at that. MFT's breakout occurred while I was on holiday. I wouldn't say that I take broker's advice, but it is another barometer I monitor if you will.
Cheers.
-
-
Member
PT: how do you see MFT standing up to Toll in the long run? I ask because I have ASX.TOL instead... share the same worries about fuel prices etc but I feel happy that Toll is benefiting from network effects and scale.
-
Member
I've noted that MFT is a very thinly traded share, so it's thus going to be quite volatile (rather like VTX, another one that periodically gives me the creeps as it bounces). There is a very very short queue of buyers at the moment (3) wanting only about a day's turnover of shares, so it may plunge again if there are willing sellers.
On a slightly unrelated note, Phaedrus, if you're reading this, I posted a chart (oversize) on the SKX thread, and as an amateur, would be interested in a critique.
http://www.sharetrader.co.nz/topic.asp?TOPIC_ID=20094
cheers.
-
quote: Originally posted by stephen
PT: how do you see MFT standing up to Toll in the long run? I ask because I have ASX.TOL instead... share the same worries about fuel prices etc but I feel happy that Toll is benefiting from network effects and scale.
Toll will provide spirited competition in New Zealand for anybody in those parts of the shifting business in which they compete. Remember that Mainfreights business is end to end logistics of domestic/international Less Than Container Load Consignments.
They are not the only competition for Mainfreight. However the management of Mainfreight know what they are doing, have a plan, but are flexible enough to cope with changed circumstances.
There is almost certainly room for consolidation in the industry and in time I think that the big will get bigger.
[Copyright 2004 Paper Tiger Deluded Ramblings UnInc ]
-
Mainfreight will replace Powerco in the NZX 50. What effect will this have on the SP?
I bought into Ryman just before it joined the NZX 50 and it has nearly doubled in price.
Does anyone know if institutions HAVE TO buy shares in the NZX 50 or do they TEND TO buy shares in the NZX 50?
\"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>
The information you have is not the information you want.
The information you want is not the information you need.
The information you need is not the information you can obtain.
The informaton you can obtain costs more than you want to pay.
-
Passive funds that track/invest in the relevent indices will have to buy MFT. Otherwise institutions buy depending upon their belief in the stock.
I don't think the share price will double in the next year, I guess it will rise iover the coming couple of weeks whilst the funds buy in. Longer term it may now become more heavily traded.
Disc: Own MFT
-
Posting Permissions
- You may not post new threads
- You may not post replies
- You may not post attachments
- You may not edit your posts
-
Forum Rules
|
|
Bookmarks