Sprudz, I am no chartist but I believe CNP will most likely break 30 cents prior to 30/6/2008. Factors currently influencing price: 1. Tax loss selling could be very large in CNP as 30th June approaches. 2. Overall, industrial market is weak,(refer advance-decline line) & every new financial crisis seems to feed through bank stocks & onto CNP as a large borrower. All stocks related to finance area are having a rough time cf commodity/resource sector. 3. Possibly a little early to announce some asset sales & given recent reactions to news, it would take a huge sale at the right price to lift CNP. A small sale of say $150m. could easily go unnoticed after a few days spike in price. For several months I have believed 30 cents will be broken before the 30th June due to sellers far outweighing buyers. We face a situation of sellers being dumpers cf only a few bargain hunters as buyers, because most believers in CNP have already established their position, & many will be reluctant to increase their postions while the share price continues to fall. A drop under 30 cents could also trigger other sellers into the market in panic, because many CNP shareholders are easily panicked & some must be close to giving up on CNP. Guess,TA traders will also join in selling if they believe it can be brought back cheaper, some time in future. CNP was never a quick fix & certainly will test shareholders patience. Regards Buffett
CNP Price at posting:
0.0¢ Sentiment: None Disclosure: Held
