AEL Technical Analysis

hammurabi wrote:

NIRMALSG wrote:Be careful about these movements specially for short term traders, just feeling bad quoter for AEL. But still its valuable opportunity for long term perspectives.  

Access Engineering (AEL) director sells Rs400mn worth of stock

June 22, 2019 (LBO) – Colombo Stock Exchange (CSE) listed Access Engineering (AEL) in a stock market disclosure reported that a non-executive director had sold a significant amount of his shares.

Ranjan Gomez has sold 30,000,000 shares at a price of Rs13.2/share. Total proceeds from the sale of shares is approximately Rs400mn.

As of March 31, 2019, Gomez had reported a total shareholding of just over 75,000,000 shares. The insider sale is roughly 40% of his total holdings. Gomez has been a seller of significant amounts of stock over the years, however this recent large sale is at a strikingly low price.

As of March 31, 2019, AEL reported a net asset value of Rs21.4/share. Gomez’s sale at Rs13.2/share represents a valuation of just over 60% of book value.

AEL’s last quarterly results were solid reporting net income of just under Rs700mn for the quarter, however the construction industry is being badly affected by the recent economic downturn.

Most stocks on the CSE are trading at low valuations due to a confluence of negative catalysts which include a slowing economy, a constitutional crisis, and one of the worst incidents of global terrorism in recent history.

Did he cross it at 13.20??? Friday?

Backstage wrote:Anyone got a tech chart on AEL ?

Backstage wrote:Thanks Hunt. I do wish you were the controlling god of the market.

pathfinder wrote:Thanks Invi and Hunter for charts.

Most of charts looks same across the CSE in a situation like this.We saw such a market in 2009 after the war.Whatever bought at the sell off make you profit.When first wave of profit taking starts things will be changed.

For the time being I consider AEL as a trading share only.Last available quarter report of December 2019 shows significant revenue drop,March and June too won't be much difference.

But as we know it moves on speculation on a political changes,If their favorable color get majority,AEL will have a good move.If someone wants to enter use support lines provided by Hunter and with cautious, knowing what drives it.

Backstage wrote:Thanks Hunt. I do wish you were the controlling god of the market.

HUNTER wrote:

Backstage wrote:Thanks Hunt. I do wish you were the controlling god of the market.

If you wish, you may call me so now.

The Invisible wrote:This is for Path & Hunter,

Based on current charts, be it daily or weekly, can't you see a trend reversal and the stock seems to be consolidating between 17 - 18. I am not a good one to interpret charts but I am getting curious that a trend is forming towards 19 or 20. Here is the daily chart.

Backstage wrote:

HUNTER wrote:

Backstage wrote:Thanks Hunt. I do wish you were the controlling god of the market.

If you wish, you may call me so now.

OK if it goes over 19/= I will buy you a packet of Lemon Puff as an offering to the CGOM.

Senarath67 wrote:HUNTER, As you have mentioned on 11 th June, is the momentum building up to take this above 20 before the elections?

HUNTER wrote:

Senarath67 wrote:HUNTER, As you have mentioned on 11 th June, is the momentum building up to take this above 20 before the elections?

The momentum continues. So, there is some possibility.

Anyway, as a trader, I might exit below 20.
And enter again after the dust settled; probably above 20 or near 16.