Xero Ltd [XRO.NZX] stock has taken a beating since its last Share Price Alert back in January. It was noticed back then because the share price had risen 40% in less than two months to trade at $2.91 on January 12 2011. This was an over-exuberance of buying from "insider" tech heads and nerds after a more pleasing 2011 half year result.
Since then though the share price has pulled back 71c to close at $2.20c or around 25% yesterday in a overall market that has gained around 15% since January.
As I said in January this share price could not be sustained but of course the big pull back in share price means the company looks more attractive to those who were looking at getting in.
You might expect a further pull-back as global markets look set for another down period on European debt woes so be patient if you are looking at adding this to your portfolio.
Look for support at around 2 bucks but patience will be the key to a relative bargain.
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c Share Investor 2011
I am tempted at this price but will wait for some weakness via poor global economic news.
ReplyDeleteYou know you want to buy Darren :)
ReplyDelete