For what it's worth, I agree Downer is an under valued company...

For what it's worth, I agree Downer is an under valued company BUT.........

It is not good to see a downward price action when all of this week the shorts have been hardly sighted.

Monday short sales of 263,136 shares
Tuesday short sales of 487,935 shares.

Total shares traded on Monday and Tuesday was around 11 million shares.

Therefore approximately 7% of shares traded on Monday and Tuesday represented short sales.

In my opinion this might indicate genuine selling and closing of short positions which would explain the spikes from intra-day lows over the last few days. I will probably be proven wrong over the next few days but I certainly wouldn't be confident holding these shares.
However, they say that fortune favors the brave ;)

Anyway, definitely oversold but as you point out its very hard to pick where this downward trend will stop. You need some nerve to hold this.

Big project wins (such as Christmas Creek) will only have analysts wondering how they will fund the operations and the risks associated with such a contract (FMG and RSPT) and uncertainty behind Reliance Rail.

By the way I have given the thumbs up to the previous post but DOW needs more than thumbs up to get moving upwards.

Cheers
Nic
;)