Telus just released their earnings today and they were just as good as estimated but never the less the stock had no reaction and is now selling off. The chart looks real ugly if you look at the Monthly and Quarterly window we have managed no follow thru after the big move down to start the year, the bulls are running out of time to step in and take this higher. My target is $27.59 for the quarterly and monthly low once we break past that I think we take out last years low of $24.93 I am looking at september 16th expiry monthly calls strike at either 29/28 or 27
@Honkytime, Probably due for a short rally after this latest pullback since it was mostly due to the BOC surprising with a hike, Look at utilities which also have a lot of debt like telecoms they turned lower right on the June 7th BOC meeting. Even if we get a short term rally long term I am not touching this right here too much chance of further downside. Better to wait until we get closer to the Feds actually cutting rate potentially sometime in 2024. Good things about the telecoms is they have the ultimate monopoly but right now with the economy slowing and consumers getting squeezed it doesn't seem like the best spot to own them. I would also look at Rogers
Honkytime
⋅
@AthenaCapital, Thanks for that. I own some legacy shares gifted to me so they ride for life but I'm looking to build a 20yr div portfolio to start retirement and will be adding rogers or telus for diversity in the future into the tsfa.
AthenaCapital
⋅
@Honkytime, That's a good idea I don't think you can go wrong with either of them, I didn't pay attention to the dividend since I focus more on trading than investing. My phone, home internet and so on is with Telus good service and good customer support slightly pricey but we are in Canada after all. You should look at Enbridge too if you are into dividend the stock is pulling back big time, matter of fact the month of may 2023 it was down 11% making it one of its worst monthly move ever outside of march 2020 so at some point here we should be able to scoop it up for a nice move and could also be a good spot to buy it for the longer term, right here at $49 today it's not attractive especially given it's also impacted by those high interest rates but don't lose sight of it. I am personally looking at it for my father retirement account. Ideally we see it in the mid $30 range sometime this year or 2024.
Honkytime
⋅
@AthenaCapital, I'm a fan of ENB. Scooping it off a low would be a life win for sure.