Solomon Lew’s Premier Investments was not required to post its 1H profit results until March 21 but today provided advanced unaudited notice of record sales and earnings growth to the market.
The news caused the share-price to gap 12% to $14 today from a 12 month low of $12.38.
Although today’s hike is bullish for further gains, buyers need to take note that the share-price is still in a 9 month downtrend.
Those investing for the medium to longer term, need to wait until there is technical confirmation of a change in trend. Closure of today’s gap, and formation of a lower high than the last, would warn of continuation of the downtrend.
Disclaimer:
These chart reviews take note of technical features only. Potential investors should not rely on such comments without first obtaining the opinion of a qualified stock-broker or financial adviser. The writer does not hold shares in Premier Investments.
Categories: Chart Review, Technical Analysis
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