On August 5th, we posted a buy signal on IPL at $3.20. Since then the stock has traded as high as $3.72, but slipped lower into the weekend.
One of the market stories supporting IPL has been that company officials have been actively buying shares, which is usually a good reflection of the company’s earnings and growth outlook.
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More importantly, analysts’ earnings growth expectations of 90% over the next three years also illustrates a buoyant outlook for the business.
We still prefer the long side of IPL and suggest that investors could look to buy a pullback into the $3.45 support level.
Incitec Pivot
