What Made TNE Sink On ASX?

  • Nov 23, 2018 AEDT
  • Team Kalkine
What Made TNE Sink On ASX?

Since morning the share price of Technology One Limited (ASX: TNE) has dropped down by 7.119% which is equivalent to 0.420 points. The opening price of the share is A$5.60. It went as low as A$5.415 and the share price closed at A$5.480. The stock suffered a daily price change of -7.911% or $-0.420 as at November 22, 2018. The market capitalization was A$1.87 billion. Other than the fall the company is nearing its 52-week high.

 S&P/ASX 200 Information Technology (Sector) index also reported a downfall of 0.9% globally. If we see the past five days candlestick pattern, there was the frequent occurrence of the doji which indicates the uncertainty in the market.

The other possible reasons for the downfall of the stock would be the global impact seen in the information technology industry. It has been a bad time for tech stocks on the global front with the rising interest rates, hedge fund manager cutting back the risk and booking their profits and corporate profits fears to the lowest since the first half of 2017.

If we see the moving average convergence and divergence line (MACD line) it has cut the signal line from the top and is moving in the downward direction which indicates that prices may move in the downward direction.

As per the report by an analysis from Goldman Sachs, most of the tech stocks were avoided by hedge funds which considered both the long position and short positions.

Though the company had made some profits on the financial front and is set to declare dividends due on December 14, 2018, the company is affected by the technology sector. Further, there was an impact seen on the share prices as a result of political tensions as well as the Brexit. There was a reported fall in the S&P/ASX 200 Index by 14.4 points.


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