As you can see from the one year Contact Energy Ltd [CEN.NZ] chart the stock price is hitting support levels seen three subsequent times before over the year and at an open market price today of $5.66 is close to its 52 week low of $5.61. I last pointed this out in February 2010, then November 2009 and previous to that in June of the same year and 2 other times 1, 2 during 2009.
This support around this price has been vindicated for buyers at these levels as the stock price has gained significantly the previous 3 times, in one case by almost $1 per share.
If you are after a good long-term investment now could be the time to buy and of course short term investors will be having a ball with this stock.
With June operational data showing poor prices received by CEN for power generation further share price pressure could be on the cards with the prospect of impacts on the coming profit result. This is somewhat offset by a small increase in customer numbers, significant for the company as they have been losing customers over the last year or so.
Buy on further weakness.
Contact Energy @ Share Investor
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