On 14th October, I had warned that National Industries (a leading Kuwaiti stock) would come off by more than 30% from its current level. It was trading at 0.850. The reason for that call was the stock had finished an extended fifth wave, (an Elliott wave setup that has been extensively discussed in this blog recently). Anyway, to cut a long story short, NIND dipped to 0.380 and is now looking well bid. Take a look at the accompanying chart for additional comments. (The chart of 14 Oct is also attached)
Related news: Moody’s places NIG’s Baa2 ratings under review for downgrade (29 Nov 2008). (And the stock is trading higher! Clearly, we should build our position only slowly on the pull back. A whole host of untenable reasons could sometimes push a stock higher. In the absence of sound fundamentals, our buying should be cautious)
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