I can't believe how this management took a company who was paying 28c dividend for 7 years straight, that was then paying 29c, 30c, then 31c and turned it into a company paying only 16c in 3 years in the top job.
From a long term 14c-15c half yearly dividend paying company to only a 8c paying company. Even 19 years ago, in year 2000, Telstra was paying 18c per year.
Going by the dividend, instead of growing, this company is dying in the hands of Penn and Chairman John Mullen.
The smallest dividend in the history of the company show on the right side. Its going the opposite way to what a company should.
Good work.
Coming back to the chart. I sold most of my shares the other day when I say the negative divergence on the hourly chart. Negative divergence is like a danger and warning sign and needs to be noticed.
We got a gap down open at $3.12, then a recovery which I am skeptical about. I feel the purpose of the rebound was only to feel the gap left on the topside (as show on the 5 minute chart below). Otherwise there would have been a gaping hole there. And it has filled it very nicely.
But I think now reality is setting in and the price has come back down.
I feel it is destined to go down sometime in the next 2 weeks and fill the gap down to $2.98. Has to happen.
Currently holding above the 22 Day EMA which is good and need to see it hold this.
I feel it will go down and touch the 2200 DMA which is consistent with going down to fill the gap.
I wouldn't touch it until the RSI got down to at least 50 or a little under and the stochastic down to under 10.
Now that the dividend is coming down to peanuts and is destroyed, I would not be touching this stock for only the dividend. The level of 8c or 16c is no longer an attractive dividend. It represents a yield of 5.1% at current price and that is low compared to some other big caps. Example, you have NAB paying 8.1%.
I wouldn't buy this until it goes ex dividend and comes back down to under $3.00.
No matter what spin they put on things and the hype they spin about 5G, Penn and Chairman Mullen need to go ASAP.
(20min delay)