Need more volume to sustain the rise, stoch has turned up, we could break 20c and that could be support, the longer term shows resistance around the 24-25c area.
Just a random reminder: Orbis bought 117,405,616 average of 40c costing 47 million on the 5th March 2008. They obviously thought it was a good bargain at 40c. What has changed since then?
1. Huge NTA writedown - most assume that was the final writedown. 2. Underlying profit close to 200million (market cap is about 420million) 3. Seperation in process (positive or negative?) 4. Instos are buying instead of selling(buy recommendation from jpmorgan) 5. [I'll let you guys continue to fill the blanks]
Ps: I know orbis is not always right, but I am obsessed with them. Once again apologize to the long term holders, I know they hate these type of posts
CER Price at posting:
19.0¢ Sentiment: Buy Disclosure: Held
