I'm not really into TA but is the next support $27?
For me $ 28 is next strong support after breaking of $ 30.50....
High NZD and foreign funds selling is the short term reason for FPH below $ 30 ...Lack of buying is also contributing to big moves down on persistence selling pressures
Now its down for last 4 days in a row ...from 32.95 to 28.76 in 4 days ...maybe some bounce is due soon ...
For me $ 28 is next strong support after breaking of $ 30.50....
High NZD and foreign funds selling is the short term reason for FPH below $ 30 ...Lack of buying is also contributing to big moves down on persistence selling pressures
Now its down for last 4 days in a row ...from 32.95 to 28.76 in 4 days ...maybe some bounce is due soon ...
Down 12% since start of the week. Initially I thought drop in SP solely due to sudden rise in exchange rate but as the week went on & SP continued to drop, seemed too much to explain this & something else driving it.
Your mention of big funds switching from Covid related stocks to Tourism stocks seemed plausible though if true I think a little premature and a big gamble.
Even in a post Covid world (which seems along way off) I can't see FPH's huge growth slowing much.
And with such long winded & incredibly stringent regulatory safety barriers to entry, the hospital & medical device market is not an easy one for competitors to jump into.
However, just a question of what PE one is prepared to pay for that future growth.
Seems oversold to me now, but we shall see.
I agree, Blue Skies. The market looks forward but may have got a bit ahead of itself here. I'll wait for the SP to settle before adding to my little pile.
Fully agree with both of your views ...FPH is and was a great company pre and post covid times ...Its good opportunity to add to your portfolio for long term .
I started adding below 30 and have added equal amounts in last four days
Foreign funds have 20% currency appreciation also going for them ( For sell side who entered NZ market around 60 cents levels ) and to them in USD its still not attractive at 28.50 NZD ...its only attractive to us in NZD terms ...we need to keep in mind
Still 25% down from its top is good price to get in
In USD terms its still sitting at 38 at 0.60 cents exchange levels
For me $ 28 is next strong support after breaking of $ 30.50....
High NZD and foreign funds selling is the short term reason for FPH below $ 30 ...Lack of buying is also contributing to big moves down on persistence selling pressures
Now its down for last 4 days in a row ...from 32.95 to 28.76 in 4 days ...maybe some bounce is due soon ...
Looks like that 28 level may be tested today. I need to see it (or the 27-level) hold before starting to buy.
US tech bust (ongoing) and the strong kiwi aren't helping matters...
Baby getting thrown with water is the story here ...so let it go where it goes ...finally people will see extreme value when results come in May ...maybe opposite of ATM will happen then up 20% ...
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Originally Posted by Rawz
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