Good sign with strong support established todayFundamentally CRH is sound and same as when it hit $5.5 just before Q2.
Posters here put out excuses, but not a single one is the reason, why the price action is so weak - a whopping close to 20% drop. People taking money off the table because the company signals a slow acquisition activity would be expected. That is in line with what they presented in Boston most recently. I am surprised no posters here ever take note of that. Thus, momentum is dampened and the stock behaves almost exactly like last summer after topping at $5.5. I mentioned it before and I mentioned it again: do not expect any uptake in a substantial way until at least Q3 or Q4. Pure organic growth alone cannot propel it to new highs. All longs should not kid themselves that this stock will be a quick money making machine for them. I have a decent position with it and expect decent return longer term.
The stock is weak short term, as I believe it is now, and so let's look at the price action. It has tested to drop below $4.61 a few times and every time it bounces back up immediately. It s doing the same as we speak. Like my previous posts pointed out $4.61 is a huge support level and seems I may be correct all long. However, the sp must stay above this level by this Friday's close to be sure. I would still think we are seeing a close trading range around the 50DMA until money pouring in back to the stock later in the year. Good luck to all longs.