potential long trade, page-19

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DJ MARKET TALK: Downer Down 3.8%; Near Buy Territory - Traders

0429 GMT [Dow Jones] Downer (DOW.AU) down 3.8% at A$7.05 after extending recent slide from Jan. 12 peak of A$9.44 to 7-month low of A$6.95. Downer has been subject to some
sustained selling from U.S. and domestic funds, which were disappointed by 1H profit on Feb. 25. But with the stock getting back to a 12x forward PE, it's close to a buy, according to some traders. According to Thomson One Analytics, most analysts rate Downer a Buy, with a median price target of A$9.50. On the charts, Downer could bottom near A$7.00 and test resistance near A$7.80 in the next week or two, according to Dow Jones Newswires technical analysis. Steep downtrend line currently offers initial resistance
near A$7.47. ([email protected])