Chinese have approached Nufarm about a takeover. Same industries. Many would see IPLs depressed price and think it could be oversold. However, world fertiliser prices have been decimated and there seems to be a glut of product. Will be some time before the supply demand ratio goes bck in their favour. Farmers who have put off fertilising must do it next year however or crops will be decimated. So, maybe 2010 is a turn around.
Poo products seemed to have stabilised from the odd bits that I've read, but I think this initally moved due to the NUF thing, and some investors looking to oversold growth stocks. Breaking $2.80ish looked important, but $3.00 is also. I can't be confident of a new uptrend till that goes. Looks pretty positive though.
Broke through, tested support, and continued on. Looks pretty positive long term, but the mystical correction could appear at the drop of a hat.
Max, You really should know that since you have so much in this one particular stock. World fertiliser prices have been decimated during the economic crisis. Plus, they were in a bubble on top of the bubble at the peak of the boom, so coming back to reality really. Future prices are clouded at the moment. The fertiliser bulls say the world can't go another year without adding significantly to fertiliser usage as crop yields will be significantly effected. I say, if you can't buy the ****, then that's the way it is! Low crop yields and we start eating less crops. Simple.
The chart points to a potential turnaround in the near timeframe... clear 3 wave retracement having just reached 50% of the last leg of advance.
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