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This took the share price down from around $2.50 to current trading below $2. This move has seen it breach a 52-week low, thanks to an ex-div and it’ll be interesting to see if it can recover from here. The stock is now trading at its lowest since November 2012 and might struggle to find buyers at these levels.
While the stock is massively oversold, bulls will have to be patient as I feel the bears are still in control. The key would be to wait until the gap created this morning open is filled. Once the stock trades back above $2 then buyers could start considering taking advantage of the momentum.
There are some positives going for MYR heading into the backend of the week, including a weaker AUD and the festive trading period, which tends to be good. MYR has been on the heavily-shorted list for some time now and at some point investors will start to see value in it.