Prices are being wound very tightly at the moment around that long-term support line and the downward consolidation triangle line. Looks like a rough repeat of mid-2016, which saw a textbook high volume move, building into a break-out, followed by a test of old resistance, and then an eventual 35% upward move.
I think if we get some decent numbers in the next couple of weeks, this could be a nice catalyst for the initiation of a new leg of the overall up-trend. Solid NPAT and perhaps a small increase in the dividend should do it.
Currently yielding 8.3% + franking. if they bumped the outlook to 5.5-6c, the yield is 10%, which is fantastic for a stable and profitable company like AVJ.
New price target if the uptrend takes hold: somewhere in the low 80's
AVJ Price at posting:
60.5¢ Sentiment: Buy Disclosure: Held
