Looking at a possible position trade/ investment in a well known wealth management company in Australia
Technically has what could be an ending diagonal at a monthly level which has been forming for the better part of 15 year and is in the "throwover" stage, which coincides with a harmonic pattern and fairly solid fundamentals from what I can tell at a glance
Currently selling at book value with a current ratio >7 so has time to correct and at current prices appears to have inherent value as well
Seeing it is a fundamental play, I might lean on a friend of mine to give his view on this company to see if it is worth holding on to
Technically it should reach $4.92 pretty easily which is double the current cost and if it were to reach the $10 - $12.60 range while paying >6-8% dividend along the way
Technically has what could be an ending diagonal at a monthly level which has been forming for the better part of 15 year and is in the "throwover" stage, which coincides with a harmonic pattern and fairly solid fundamentals from what I can tell at a glance
Currently selling at book value with a current ratio >7 so has time to correct and at current prices appears to have inherent value as well
Seeing it is a fundamental play, I might lean on a friend of mine to give his view on this company to see if it is worth holding on to
Technically it should reach $4.92 pretty easily which is double the current cost and if it were to reach the $10 - $12.60 range while paying >6-8% dividend along the way
Possible plan might be to sell half at $5.00 to recoup original cost and keep the balance of the shares for free paying dividend and place order to sell at $18.60 if it gets there in 5-10 years time