Technicals | Apr 13 2010
This story features NUFARM LIMITED. For more info SHARE ANALYSIS: NUF
By Rudi Filapek-Vandyck
It's not like shareholders in agri-company Nufarm ((NUF)) have had lots to smile about over the year past or so, but if the TechWizard's view is anything to go by, there's as yet no sustainable improvement on the horizon.
The TechWizard reports it increasingly looks like Nufarm shares are heading for a test of the December 2008 low. According to his observation, overall momentum remains negative and is building up. This should virtually guarantee lower price levels in the future.
To complete the technical picture, the Wizard reports the MACD indicator is bearish. Add the fact that most stockbrokers retain a negative view as well and it is not difficult to see why Nufarm shareholders won't be happy chappies anytime soon.
A break below the $7.20 price level would be very bearish, reports the Wizard, in particular if it is achieved on a weekly closing basis.
The Wizard has a target range of $6.25-$5.25 for the shares. He is currently not a shareholder in the company.
The TechWizard is the pseudonym of Scott Morrison, whose experience in financial markets exceeds twenty years. Morrison operates his own website nowadays at www.techwizard.com.au
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