Jul. 8 at 2:38 PM
$FECCF Schpalierian market read ... there is NO real organic resistance at current levels ... the risk of a true institutional "supply cascade" or uncontrolled dumping is low at this point. Because the distribution was broadcast well in advance, the casual, short-term money has likely already washed out, meaning the current volume activity at the ~
$6.30 USD / ~
$8.60 CAD level is much more consolidated than a typical post-payout "shell".
The game from here:
If retail or contrarian speculation starts bidding the stock up based on the clean valuation of the remaining midstream piece (especially the ODL pipeline dividends and Puerto Bahía assets) it doesn't have a massive wall of loose institutional stock to chew through.
A move toward
$7 USD is a highly achievable technical target from here, and once it crosses that psychological threshold, it will ring bells for value investors looking at a pure-play infrastructure vehicle with a thoroughly cleaned-up balance sheet.
Buying dips