Today's drop is not that bad and possibly due to macro factors (i.e. Oil futures dropping below $100). People tend to view things in isolation so they get disappointed. In this case, people are expecting a strong rise due to a strong quarterly report and when there is a drop they question maybe the report is bad and find reasons whilst ignoring other factors.
I won't worry too much about it, sure the report may not be as clear as people would like but all the info is there and it looks to be a strong inflow compared to last year's same period. Pre-trading, the indicative price for WDS was down 6% from yesterday due to oil futures contracts hitting below $100, the fact that it did not go down that low is indicative of the positives that others see in this Q2 report which creates a support level. Once the spot oil price rise again we should see a rise to around $35. In the near future, the supply remains tight and prices will continue to grow especially as winter approaches for Europe. it is a slow-moving train but the direction seems to be clear in terms of fundamentals.
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$27.19 |
Change
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$27.00 | $27.39 | $26.93 | $199.9M | 7.360M |
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1 | 1000 | 27.160 |
3 | 5077 | 27.150 |
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4 | 6369 | 27.100 |
Price($) | Vol. | No. |
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27.240 | 587 | 1 |
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