I am looking at the drop over the past few days scratching my head.
- Good reliable dividend in low interest rate environment
- Recent contract wins
- Sizable tailwind for coming years (Govt Infrastructure spend)
- Well run company making good acquisitions
From a technical perspective we are approaching the pointy end of an ascending triangle (generally considered a bullish signal), having already tested the upper resistance a couple of times. Personally i would say the direction of the breakout would be more likely to be upwards, as we are also now sitting on support at 0.35, the 50% Fib level taken from the high of 2018 to March 20 lows
My initial target for an upwards breakout would mid 0.40s, with the next serious resistance around 0.48-0.50.
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