Shares of Caltex have surged by over 3% in early trade as the company expects to book higher first half profits even with lower retail fuel margins.
This looks to be a positive result of the “shrink to grow” strategy put into place late last year and has lifted the return on assets to just under 14% at 7X EBITDA.
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We don’t have a current ALGO signal on CTX, but we suggest keeping the stock on the radar for a signal soon.
The internal momentum indicators are pointing to the next area of resistance near $31.20, with support in the $29.80 area.
Caltex
