FBU Fletcher Building NZLooking at Macro timeframe and there are some interesting levels coming up
Large scale harmonic bat pattern and demand level,
Coupled with lower timeframe fibonacci cluster levels just above and around the higher timeframe demand level
Fundamentally this stock is ~50% undervalued, losing money but has forward dividend of >11% as @$2.59 and it looks like it wants to drop further which will increase this again...
Might watch this around $2.35 - $2.08, for signs of life and hold this as a long term position
Buy low + sell high and hopefully get good dividends while doing it, theres likely 200-400% upside if you're willing to hold for years, or if not then if it gets to double, sell half and reinvest in something else and forget about them until they hit $8-$10
Know the company well, as used their building products... so have confidence they will turn around if they divest their residential builds funded with debt and lighten the balance sheet converting these builds into cash
This large scale pattern looks like a complex correction so the chances of staying in the $1.50 to $9-$11 range for a while is pretty high
