JHX surrendered 4.5% of its recent strong gains after posting its 4th quarter update, on the day it appeared a classic case of a good announcement but the bullish market expected more. For the quarter sales increased 20% with all divisions appearing to perform strongly plus the outlook delivered by management read extremely well. However the momentum since late April has turned to the downside and a further 5-10% retracement feels likely.
MM likes JHX around $35
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