just read this thread and resourced has copped a pasting from you guys for his post, by basically saying the buy price of this could get better.
just because this was $1.60 6 months ago and its now 65 doesnt make it a screaming buy.
The trend here is down and there is nothing technically that is pointing to a reversal at this stage.
If it doesnt hold here, 50 is next support level.
In most situations with stocks trending down as hard as this, for them to turn they need to form a strong base or reversal pattern.
At this stage there is no sign of either.
Its very easy to call something that appears to have fallen a long way, a screaming buy, but in most instances when fighting against the tide prices only continue to fall.
I wouldnt be thinking instos are buying at the moment.
Cheers
LYC Price at posting:
66.5¢ Sentiment: None Disclosure: Not Held
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