To my mind Fridays action was to set this up for a classic accumulation play before it breaks out for a major run. Manipulated close so could spruke worst performing stock.
Don't kid yourself - the news on Friday was what analysts were looking for and update included numerous important messages. Including fact:
- have nearly $200m turnaround in earnings expected from decision to mothball SI from FY2016 (and that is on $600m market cap!!!!)
- indicated they are looking for further divestment opportunities to exceed $100m target.
- further earnings upside expected from consumables and steel division as recovery prices / demand in those areas
Like the chart action on this one, and expectation due for bounce in IO price in my examination of IO price chart (double bottom anyone).
To my mind Fridays action was to set this up for a classic...
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