Not for the fainthearted as liquidity is hard to come by, however for those looking to play, both the daily, weekly & monthly charts have all lined up.
This push through $62 is significant. Looking for an easy $3 to $65 in the short term based on the ol cup n saucer. However for those looking to stay a little longer it looks as though a nice re rating could be on the cards with a move to the $70+ region over the coming weeks. As you can see from the charts below, all the technical indicators have lined up.
Borrowing some information from a trading / broking house report sent through;
Short interest in the stock is around 10mil shares ~ 45 days to cover
If you like to play the contrarian theme, not one analyst has a 'buy' recommendation on COH at the moment.
Results are due out August 6th and if the stock meets or slightly exceeds expectations and we are closer to positive news flow from the Nucleus 6 new implant we could expect some broker upgrades to flow through. The market is not positioned for positive news, however the charts tell a different story...
Also of interest, COH's biggest rival SONOVA has been tipped by Goldman's as a takeover target. These two companies have been at it in the market place with SONOVA currently with the upper hand with the spread currently out to a record 2 standard deviations. I think there is every chance that the tide starts to turn in COH's favour...
On the personal front, Iam in the process of taking a long position today via COH warrants
Good luck to any who get on this bus!
COH Price at posting:
$62.24 Sentiment: None Disclosure: Unspecified
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