Elders Limited (ELD.ASX)

9 July 2018


Technical Summary: The stock of ELD is on a long term uptrend. This is evidenced by the five year chart where the price has moved from the bottom left of the screen to the top right. This trend has continued, despite some volatility over the last year. The highlight of the chart however occurred in the last trading session. The stock opened flat before quickly selling off and closing over 15% down on heavy trading volume. Moves like this are rarely caused without catalyst and this was no exception with a company report that disappointed the market. Whatever the reason it was a definite end to the momentum that the stock had built up over recent weeks. The stock now appears to be in a trading range and may need a bit of time to work this one out. The price itself it approaching an area of support on the chart. If the stock finds buying support here and quickly retakes the sell off then it would be an indication of strength.

Big selloff after fundamental update

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