Technical outlook – Select Harvests Limited (SHV) gave the market a sudden surprise earlier this month after staging a sharp rejection from $8.00. However, this is not the first time this level has failed. Earlier, in late August, once again found the bears emerge from this region.
Looking ahead, the technical implications are bearish.
‘Although buying opportunity may only be around the corner,’ investors/traders ought to be wary of buying this share, as the market may look further into the bearish trenches until reaching a potential target of 7.20. Reassess from there.
Company Overview – Select Harvests Limited (SHV) is an almond producer who grows, processes, packages, sells and distributes almond from its almond orchards. SHV is also a manufacturer and marketer of edible nuts, dried fruits, seeds, and a range of natural health foods to the Australian, Asia, Europe and the Middle East retail and industrial markets. SHV provides management services to external owners of almond orchards.