#GRT Growthpoint finding a ST Bottom ahead of Dividend #JSE
Stock goes ex dividend of 65c on the 18th of October. At current prices that is a dividend yield of approx 6.5%! Given the doji candlestick, reversal after 2 days of elevated volume, i have every reason to feel like a short term bottom is in here which could see the stock rise into the dividend date next week Wednesday. my two targets are the 23.6% and 38.2% fib retracement levels at R10.66 and R11.16. I rate this as a buy at current levels of R10.00-R10.30 with a stop below R9.86. (also forgot to mention the divergence forming on the RSI daily)
"If you do what you love, you'll never work a day in your life" - Marc Anthony