John,Thought i'd refresh this.
I've been searching to find the reason for the fall...2037 mid now. I know nothing about this one so would probably not buy but looking at the basic indicators it's screaming out at me to have a punt.
Any change in direction would be very tempting.
Am still confident of this company producing the goods. However I do not see a buying opportunity yet. At the time of writing this the price is down to 1995. My next support line is at 1538. Be patient, we will once again make money out of this one.
If 1600 looks tempting, how about 1300, for thats where it is at the time of this post. The big question now is how low can it get before a reversal.
I agree that TA means little in these difficult times, but for the patient ones, profits will abound in time. Yes this poses another question, how much time. Well, your guess is as good as anybody elses, but I think we have to wait for the markets worldwide to stabalise and then hopefully see that long awaited upturn.
Lucky coin needed indeed for this one at present IMO.
Irrespective of any chart indicators I would now, due to general market nervousness, feel inclined to short it on any meaningful move north, ie but for the spread, which is often the killer to trading this one. I'd have to be pretty convinced of at least a 300pt move.
Long term, now looks a tempting time to accumulate stock though.
UK biotech bellweather Cambridge Antibody Technology (CAT) has fallen more than 50% this month following a dramatic decline in market confidence particularly amongst institutional and foreign investors.
The antibody specialist's shares fell a further 15% yesterday and institutional investor Searle Belgium SA sold 356,137 shares, or 1% of issued equity.
The shares have fallen from £32 at the start of March to £13.50 at market close yesterday. This values the former billion pound company at just £474m.
Beeson Gregory analyst Julie Simmonds said that at this price CAT was beginning to look interesting again but said she had thought the price would have stabilised when it hit £15.
The company listed on the Nasdaq last December and Simmonds suspects that the sharp decline in CAT’s share price is in part due to US investors reducing their exposure to foreign currencies.
However, there were signs yesterday that institutional investors were returning to the stock following at least two one-million pound purchases of the shares.
Good for you John. I missed out, the spread put me off. had a punt on SHP though and that looks ok.
SHP was mentioned on 'working lunch'. Adam, i think, said professional shorters had been caught out and were having to close their positions hence the rise. Whatever both of these are quality stocks.