ELD slipped -3.3% on Thursday and we feel another ~10% on the downside towards the $10 area feels a strong possibility. The markets embraced the improved weather and trading conditions for Elders over the last few years but following its half-year results a few days ago it feels like concerns are rising that the good news is fully priced into the share price i.e. profit was up 31% to $68.2m. Technically a move back towards $10 feels a strong possibility.
MM is nervous ELD at best short term
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