I've always worked from 5 yr charts so that a longer term picture develops. I'll edit this posting to include chart after I've had some food!
EDIT
I contribute on Ample as The Troglodyte and I paste a series of contributions:
30 September 2003:
"Matalan has long term support at 212p and this is being tested hard as I write. There is a rising trend and the shares are trading in a narrow band. I feel that there is a 34p range for the shares and thus my short term target is 246p.
However, looking at the share price over 12 months, it becomes a little more interesting. Ignoring the spike at 269, the interesting points are those that form the base line. In which case the share price can still fall further from current levels, provided that it maintains momentum in the short term cycle which I target. That point is 185p.
Drawing a parallel line, I notice that the share price runs out of steam at 258p and it will take something exceptional to exceed that price. I am happy to add to my holding at current prices, but feel that there is too little to recommend the company as a buy or sell candidate. Neutral."
11 December 2003
"And so here we are straight back to support level. No point buying shares at the moment IMO as Institutions control the direction that the shares will trade. As tomorrow could herald either a big bounce (as it did today) from the opening price or further decline as punters read the news in papers and give instructions to brokers, I can't give any authoritative comment on the very short term prospect for share price movement.
The trouble is that the Chancellor had ruled out recession some time ago, that banks are not ready to pull the plug on borrowers up to their ears in debt and despite a bottomming in interest rates there is no reason for the public to switch their buying power into Matalan from branded High Street retailers.
Competition in the High Street is fierce with the broker for M & S commenting that there should be greater profit derived from its turnover and the implication was for M & S to pare its prices, which, in consequence will have further effect on the ilk as MTM.
I think my timing was lucky to have got out when I did although there was further profit that I missed. I am looking for an entry point, but will let the institutions identify the direction in the short term."
15 December 2003
"And so the support has been well and truly broken. But where next? My suspicion is that we will see the steep down trend maintained in which case perhaps as low at 110p, possibly lower.
Certainly 185p is a point of resistance IMO and we will need to see some impressive numbers and a stream of good news over the next 2-3 months if a case can be made that there will not be further warning from the company on its performance.
I am not optimistic, do not short sell and will only buy once the trend has been reversed."
And this is where the figure 110p is found. I am sorry if it has caused confusion. I enjoyed my healthy diet this evening of humble pie!
Vail Resorts stock quotes
Vail Resorts stock charts
Follow this thread
