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
Long Term View: Contact Energy Ltd
Stock of the Week: Reprise 2 - Contact Energy
Stock of the Week: Reprise - Contact Energy
Not so fast Davy Boy
Still Watching Contact Energy
Beam me up Davy
Stock of the Week: Contact Energy
MarketWatch: Contact Energy - June 2009
MarketWatch: Contact Energy - Jan 2009
Contact Energy looks bright during dark times
Share Investor's 2009 Stock Picks
Follow the Monopoly Board
Discuss this stock at Share Investor Forum - Register free
Download CEN Company Reports
Stock of the Week Series
Delegats Group Ltd
Reprise 2 : Contact Energy Ltd
Reprise: Contact Energy Ltd
Fisher & Paykel Healthcare
Auckland International Airport
Sky City Entertainment Group
Burger Fuel Worldwide
Michael Hill International
Contact Energy Ltd
The Warehouse Group
Fisher & Paykel Appliances
Buy Bird on a Wire: The Inside Story from a Straight Talking CEO & more @ Fishpond.co.nz
c Share Investor 2010
NZ's foreign trust review slammed as 'limited' by Transparency International - Stuff.co.nz - Stuff.co.nz *NZ's foreign trust review slammed as 'limited' by Transparency International* *Stuff.co.nz* Tax expert John Shewan is leading a government r...
10 hours ago