Shares of Caltex have dropped over 10% this week, posting a 3-month low of $30.10 this morning, as investors continue to sell the stock after a disappointing 1H 2018 result.
The worst part of the report was that the fuel division posted a $314 million profit, which is below the lower end of the company’s $315 to $335 million guidance.
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In addition, corporate costs rose to $31 million compared to $21 million at the same time last year, which prompted a lowering of the interim dividend from 60 cents to 57 cents.
Our ALGO engine triggered a sell signal for CTX on June 26th at $32.68. We see scope for a key support area near the $29.00 area.
Caltex
