Our ALGO engine triggered a buy signal for Bega Cheese into yesterday’s ASX close at $6.85.
This “lower high” pattern is referenced to the intra-day low of $6.47 posted on April 18th.
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Shares of BGA have dropped over 10% since the company announced an institutional share placement to raise $200 million to reduce its debt and initiate a share buyback plan.
The share price looks technically oversold at current levels and we see solid investor support in the $6.50 area.
Bega Cheese
