Optical Cable price 5.8% below VWP, down for a third day

Optical Cable (OCC.O), NASDAQ's 7th largest fiber optics company by market capitalisation, dipped 1.01c (or 0.3%) to close at US$3.25. The price is at a discount of 5.8% to the 1-month volume weighted average price of US$3.452, which may appeal as a value proposition. The stock fell for a third day on Thursday bringing its three-day fall to 17.01c or 5.0%. Compared with the NASDAQ-100 index, which rose 19.7 points (or 0.8%) on the day, this was a relative price change of -1.2%.

Price Change % 3-day 1-month 1-year OCC -4.97% -6.88% 15.25% Fiber Optics -2.78% -7.89% -29.53% NASDAQ-100 2.12% 4.79% 13.11% Significant Downtrend
Support: the support price is hovering at the US$3.16 level. Volume traded at the fragile support price zone was 0.1 times average during the six occasions when the support price was breached.

In the last month the lowest price was US$3.16 on Sep 30. The second lowest was US$3.18 on Oct 07, the third lowest was US$3.19 on Oct 03, the 4th at US$3.20 on Oct 10 and the 5th at US$3.20 on Oct 11.Resistance: resistance is apparent at US$3.88. However, selling pressure at that level has been weak; volume was 0.3 times average during the two occasions when the resistance price was breached in the last one month. In the last one month the highest was at US$3.88 on Sep 21, the second advance halted at US$3.81 on Sep 16.

October 26, 2011

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