Contact Energy - CEN Chart

[Snoopy]

On the chart, CEN daily SP is basing now at a historical support, the 200MA and the 61.% FIB retrace from Covid-low to the insane spike-high recently. It is and remains in a severe short term down-trend.

It is interesting that Contact closed at $6.96 today, below the nominal retail offer price of $7. If you look in the offer document, the alternative price setting mechanism is the lower of $7 or:

"a 2.5% discount to the volume weighted average market price of the Shares traded on the NZX Main Board over the five business day period prior to and including the Closing Date, rounded down to the nearest cent."

A 2.5% discount on $7 is $6.83

If the share price stays down, we 'small investors' might get one over on the big guys (for once).

SNOOPY