Since posting an intra-day high of $7.60 on November 29th, shares of SYD have slid over 12% lower and hit a 10-month low of $6.63 yesterday.
A combination of higher interest rates and questions about the company’s new leadership have kept buyers on the sidelines over the last month.
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However, SYD’s new chief executive Geoff Culbert has signalled that he will focus on boosting tourism in NSW when he officially takes over at the end of the month.
From a technical perspective, yesterday’s low print in the share price sets up a potential “triple bottom” pattern dating back to April of last year.
The daily price chart illustrates that when shares of SYD traded in the low $6.60 handle in April and August of last year, those level preceded a 10 to 15% rally in share price in the following months.
SYD is scheduled to release their full-year traffic numbers in two weeks and we believe investors will benefit from holding shares from these levels in their portfolios.
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