Although Thai Airways International Pcl (OTCMKTS:TAWNF) got a major break from the Central Bankruptcy Court of Bangkok last week, it was not a great week for its stock.
The bankruptcy court approved the company’s plans with regards to the restructuring of its debt pile of $12.5 billion but the Thai Airways stock actually tanked by as much as 30% this past week. The company is already in bankruptcy protection and this is a welcome development for the company as it tries to turn around its business.
In this regard, it is necessary to note that the creditors had already approved the plan and this was the last step before Thai Airways could start implementing its plan. The court also stated that it was not going to make any changes to the plan that had already been approved. While the stock did fall, it is now going to be interesting to see if it can make a recovery in the coming weeks as the reconstruction plan gears into action.
Market Reaction:
On Friday, TAWNF stock increased by 1.73% to $0.1730 with more than 7.55 million shares, compared to its average volume of 23.94 million shares. The stock has moved within a range of $0.1650 – 0.1850 after opening the trade at $0.1690. Over the past 52-week, the stock has been trading within a range of $0.0606 – 5.9500.
Moving Averages
| +/- EMA(20) | 0.21 (-19.05%) |
| +/- SMA(50) | 0.34 (-50.00%) |
| +/- SMA(200) | 0.28 (-39.29%) |
Pivot Points
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
| Classic | 0.1437 | 0.1543 | 0.1637 | 0.1743 | 0.1837 | 0.1943 | 0.2037 |
| Fibonacci | 0.1543 | 0.1620 | 0.1667 | 0.1743 | 0.1820 | 0.1867 | 0.1943 |
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