For me, there was a failure to break resistance at 680, and a short-term downward leg since. We are now close to the upward trendline in place since October, as well as the last low of 616. So in the short term, you MIGHT look for a bounce off these levels, with tight stops at the aforementioned levels. Momentum is declining, ParaSAR is down. In the medium term, there is probably little to be gained unless there is a break through 680ish. Only my opinion, but as an EOD trader I would await for a break either way before entering.......how's that for sitting on the fence.
Subject: Financings and investments
Company: BAA PLC
Date: Mon 18th Mar 2002 7:28:04
Country: United Kingdom
BAA launches 424 mln stg convertible bond issue
LONDON (AFX) - BAA PLC said it has launched an issue of 424 mln stg 2.94 pct
senior unsecured convertible bonds due April 4 2008 convertible into ordinary
The bonds will be issued at par and will bear a coupon of 2.94 pct per
annum. The conversion price will be 8.00 stg, representing a premium of 20.1 pct
over the closing price of the shares on March 15.
If not converted or previously redeemed the bonds will be redeemed at par on
April 4 2008. BAA said it will use the net proceeds of the issue to fund its
capital expenditure programme and for its general corporate purposes.
I think the above will have a long term effect on the price,it has
not recovered from the dive it took on this news.
Thanks to all. Most interesting posts. I thought we could be heading for a bounce based on oversold. RSI <30 + pretty long term uptrend but doesn't look a strong enough pointer. Will give it a miss in the short term.