Was away all weekend and didn't have time to do any charts but fib retracement levels would suggest 50c in the weeks ahead and reading iato's post based on eps, this would seem to align with fundamentals too.
-> Price closed below the medium-term trend support of 65c.
-> 50c would represent a 100% retracement of the previous leg up.
-> The all-important 90+150 dma that i like to use are getting closer together, remembering that the strategy with this setup is to catch MOST of the uptrend and generate a sell signal PRIOR to the downtrend beginning.
-> Will be looking for a short-term retracement UP for maybe 1-2 days (watch for commentators saying "Dubai debacle won't do much real damage") before more downside.
Like some others have mentioned, will be looking to enter a long position when price settles, which i think will be 50c.
Still carrying 50% of original holdings.
NMS Price at posting:
26.5¢ Sentiment: ST Buy Disclosure: Held
