$JSEBAW - Barloworld: New 52 Week Low, How Much Lower Can It Go?
See link below for previous analysis.
Barloworld released a voluntary trading update for the first four months of FY'24 yesterday.
Salient points:
-5% reduction in group revenue due to reduced sales volumes in some businesses, following a slowdown in the mining sector, continued geopolitical conflicts and reduction in consumer demand in its consumer industries vertical.
There was mixed performance across the operations so the fundamental picture is still concerning.
Technically, there is no change in the wave count.
I am still viewing the stock as currently trading lower in wave wave of C.
As to how much lower the share can go is anyone's guess but downside momentum is weak with strong convergence between price and the MACD indicator.
Barloworld released a voluntary trading update for the first four months of FY'24 yesterday.
Salient points:
-5% reduction in group revenue due to reduced sales volumes in some businesses, following a slowdown in the mining sector, continued geopolitical conflicts and reduction in consumer demand in its consumer industries vertical.
There was mixed performance across the operations so the fundamental picture is still concerning.
Technically, there is no change in the wave count.
I am still viewing the stock as currently trading lower in wave wave of C.
As to how much lower the share can go is anyone's guess but downside momentum is weak with strong convergence between price and the MACD indicator.
