Ann: Market and guidance update, page-10

COE held up pretty well considering the horrible news and poor ASX market day overall, following a red day in US markets and more news of interest rate rises with a more entrenched environment of stagflation. IMO it remained solid with support mainly due to the already oversold nature of the stock. Most of those investors wanting out, would have already made the call the previous 5 or 6 announcements full of bad news the past year or so. It seems like it's now an opportunity for investment houses to make a call and see if the stock has bottomed out, which generally tends to happen during June each year. It depends how much confidence these institutions have in new management to turn around the ship, as well as their outlook of gas prices.

We saw gas prices explode overseas the other day from lows and at some stage a true break out higher will occur. Plenty of money to be made by those bullish on long term gas prices imo. Although if management can't turn around the business then it wont matter so you need to have confidence in both working out. As the chart below shows, there is a lot of potential when it does turn around!