Not yet saying an outright BUY, but this could be a catalyst. ====================================================================================== British Bulls Advice on 16th October. ====================================================================================== Market Outlook With the bullish pattern detected today candlesticks warned short sellers to be on alert. Market sentiment may be changing in the direction of the bulls. Based on this pattern, in response to emerging market bullishness the system established new confirmation and stop loss levels. The signal tells us to STAY SHORT, but the chance of a bullish confirmation that will change the signal to BUY is quite high. The Delayed Intraday Module is ON. Given the risks involved, we strongly suggest you to follow price movements on an intraday basis.
Just back from the GM. Nothing significant was announced since there is a progress report coming out next week.
The CE was clearly concerned at the recent fall in the share price but suggested that it reflects the overall market concern about food retailers in general. One person held strong views on the remuneration and number of the non exec directors. It was pointed out that they have not had a pay increase for many years, there had recently been the departure of a director, and one of the non exec has considerable financial experience and that his advice has been very useful and independent (as opposed from the self interested advice from the banks). So on the positive front the directors were clearly interested in share holders views.
I asked how useful the recent falls in the price of fuel was to the company. There has been significant recent falls in commodity costs and fuel, however the benefit of lower fuel costs will not be felt immediately as they have to cover themselves going forward. So nothing new there but my thoughts were that should PFD hold up their prices then the profit margin will rise... that of course is if they don't have to compete with others who pass on lower input costs! So overall I felt a bit more positive about the company.
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