As expected, Caltex has continued to slide south. Support for the stock was withdrawn at $340/360, and price has continued further down to $2.90. We are now approaching a previous top on the monthly chart. More buying can be anticipated at these levels.

Caltex may move a little lower yet (2.80?) but the chart indicates a sideways move from here, whilst the company restructures its operations. Whilst the stock remains below the 20 week moving average, there is no rush to purchase.