Yes, agreed. Just a trading stock for me these days. I have no long term visibility of this business any more.
There has been an aggressive seller for a while now and it seems the shorts are also been in on the act once they saw the seller was there. When you start hitting 8 year lows, stop losses and general techncials take over. Hard to know where it will stop but I know divergence in RSI is a sign for a potential turn around. Could still go lower before it goes up due to the other reasons I mentioned.
It will get taken out by a competitor if it stays down here for too long. They can get rid of the deadwood and make some money out of this, I would guess.
Another reason I suspect for the selling is the tax loss selling by instos. They usually do this in May or early June whilst the retailers do it late June (usually at lower prices). So I reckon there will be another good long trade mid to late June.
OBL Price at posting:
99.0¢ Sentiment: Buy Disclosure: Held
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