BOOK VALUE "BOOK VALUE FOR QLT IS $9.42 (US) ACCORDING TO ZACKS.COM.....SO, CALL THAT $11.50 "
A 4 mill share sell off jun 14 2004 at a 26.40 high took this to a 18.55 low in Nov 04 and only a retrace to 20.20 in 2005.
A 4 million share sell off apr 6 2005 at 15.37 and we show a new low today so far of 13.55. Little doubt this could match the 12.05 low of Aug 16 2002.
Where is this thing going after the 120.00 in 2000?? My guess is they are bringing this back to the 8.00 lows in 1998 where it all started in the first place if the 2002 lows do not hold.
Firm believer history can repeat itself studing the character trading of a stock. Interesting apr 6 2005 nearly 4 million shares traded on a 14.99 low and a break of the 15.00 support. After a high
of 19.12 in Mar 1997 , 3.4 million shares traded on a 11.50 low in Sept and continued droping into a 8.00 area low in Dec before a short run in 1998 and the big 1999 2000 run.
After 120.00 in 2000 QLT could only retrace to 41.00 in 4 years (1/3) giving some support of the theory we will break the 2002 lows.
Still think it is a falling knife but if it stuck in the ground on a sideway movement 11.50-12.00 I would grab a thousand or so for a 15-16 dollar run.
Of interest... The 10 yr low monthly low support uptrend line is sitting at 11.55 right now hitting the lows of 1997, 1998, and 2002 ..Exactly where they say the book Cdn value is.
GP