I'd hardly call it a downtrend insofar as how I think of them....

I'd hardly call it a downtrend insofar as how I think of them. Orica's high was about $27 in early 2012 and its hit that figure or near it a number of times between 2012 and Aprilish 2013.

Since that time $24 has more been its high point and its come close to that figure on many occasions over the last year or so.
Its downtrend if it can be called that is simply the reality of IO prices being down since 2012 and mining generally being on the nose.

The company itself hasn't fundamentally experienced any sustained down trend for reasons unique to its business (like bad management, debts, law suits etc).
Its price is simply depressed because of the larger macro issues.

It should also be said that I see basically 2 scenarios.
A) The global economy tanks and nothing can be done to save it because all measures have already been taken....there is nothing left in the cupboard frankly except for European QE. In which case all stocks will perform badly like in the GFC.

B) IO will in time return to around $80 or slightly above or slightly below. Over the long term historical trends of IO its steady middle price that it has spent most time around is about $80.
It should be noted when market pessimism takes hold IO often overshoots to the downside and I'd say we are already seeing that.

Prices below $80 over the long term (20+ years) are the exception, the rare exception. As are prices over $100.
Next year presuming that China stabilizes as does Europe I'd say its quite fair to see IO back closer to $80 and who knows what RIO or BHP will do after their AGM's. I Imagine their shareholders will be absolutely rabid at the stupidity displayed by those 2 companies pumping excess IO into the system.

But equally IO could continue to tank or stay in the doldrums in 2015. Its anybodies guess really but just be aware over the longer term timeframe IO is 80 or above.
Also I turn to the old adage that the USA is the worlds Engine (despite the China love people have more recently).
The US fell down and this caused the GFC. America not at all coincidentally is the one country on the world stage showing really positive signs of recovery.
If that continues domestically then other countries will be dragged along into positive territory as well.

The one exception being Europe as they have a very developed internal market like the states. They are the worry.