Daily Murmur 02/02/11

by Gary Glover



Nufarm has been slowly climbing higher and building a constructive base.  Notice how each pullback has sat on top of the previous high range and then rallied higher.  The recent consolidation which has taken three weeks has just done it again building on top of the November high at the $5.20 region.  For our gann traders, the current low is 60 days from the previous swing low and 180 days from the July low, all very bullish set ups on the technical front.  An acceleration upwards is very possible.  There is some risk here with some of the fundamental issues around debt still surrounding the stock but the technicals do look positive short term here.

Disclaimer

Gary Glover is an Authorised Representative (Rep No. 259215) of Novus Capital Limited ("Novus"). Novus is a holder of Australian Financial Services Licence No 238 168. Novus, its directors, officers, associates and employees each declare that they, from time to time, may hold interests in financial products and/or earn brokerage, commission, fees or other benefits from financial products mentioned in this e-mail or attached documents. Unless specifically stated within this page or an attached document, any information communicated by this e-mail constitutes unsolicited general financial product advice which has been compiled without regard to any investor's individual objectives, financial situation or needs. It is not specific advice for any particular investor. Before making any decision about the information provided, you need to consider the appropriateness of this information having regard to your individual objectives, financial situation and needs and consult your adviser. Any indicative information and assumptions used here are summarised and also may change without notice to you, particularly if based on past performance or relate to a future matter.