The aim of this series of charts is to show the divergence - up or down - of the selected individual stock price away from the NZX 50 Index. The chart is a 1 year look to give some relevant background to any recent (two to three months) share price movements.
Mainfreight Ltd [MFT.NZ] has had a poor last year share price wise and 2010 result wise.
Over the last two months though the stock has risen from around $5.75 to close at $6.61 at close of market last Friday. The NZX by comparison has been almost flat.
If you were a chartist you would say this stock has been over bought and is ready for a correction.
Just on fundamentals alone the company is a growth stock and it aint growing at present -that could all change of course.
The time for buying this stock was of course at lower prices, as I did last year at $4.20 but it looks like the market sees this company in recovery. If you dont and want to buy MFT the chart says you should wait for a pull back.
Disclosure: I own MFT shares in the Share Investor Portfolio.
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c Share Investor 2010
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