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2 Dec 2017 (AFR) – Godfreys in fresh turmoil even before Amazon – Godfreys sucks it up as shares hit record low

[COMMENT: It is very unfortunate for any investors still stuck holding this stock, who might have “believed in the company…”. But the real truth is that astute investors and traders would have watched the chart from week to week, and noticed when it fell below its IPO price (of $2.75 on 10th December 2014). This happened in September 2015. The accompanying candlestick share price chart shows several weekly candles sitting above a support level of about $3, before continuing the downtrend from its highs of about $3.50. The downtrend continued, and has not stopped yet. The chart shows plenty of signals and opportunities for investors to cut their losses, and protect their capital from further downside. Hopefully this is a useful lesson for those who lost some money this time.]

(2 Dec 2017, AFR, p25, by Simon Evans)

Godfrey's Group Ltd (weekly chart, Dec 2014 to Dec 2017) Source: Brainy, using BullCharts

Godfrey’s Group Ltd (weekly chart, Dec 2014 to Dec 2017) Source: Brainy, using BullCharts

‘Vacuum cleaner retailer Godfreys has hit fresh turmoil with a hefty profit downgrade and the departure of managing director John Hardy after an 18-month stint trying to revitalise the company with some old-school sales techniques.’ <snipped…>

‘The company’s shares are now trading at less than one-sixth of the $2.75 issue price of its ASX float in late 2014.’

Read more at AFR.com (might need AFR logon access, or try: AFR.com/trial)

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About robertbrain

Brainy's Share Market Toolbox. Read the honest truth about the sharemarket. Develop or fine tune your investing/trading strategies using share price charts (technical analysis), or learn about the investment strategies of others. Melbourne (Australia) based - supporting share market investors and traders to build wealth through smarter investing using my Share Market Toolbox arsenal of weapons to tackle the market.

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