SSkim...
Simply placed several 100k buy lines down the 9c level...9.9, 9.7, 9.5, 9.3...and another 200k at 8.9c.
Stocks behave in a certain way around 10c...with this level typically either showing strong support after a brief failure...or indeed eventually forming the upper resistance line and a rather strong one at that.
Look at FDL for a current example.
So, whilst the buys orders were clearly supportive in nature, they were also very much genuine due to both fundamental attraction (obviously...lol), but ultimately on the basis of technical incentive.
In the three weeks up to last Thursday I had reluctantly reduced my exposure accross all my stocks in favour of creating a much larger "trading cash" resource...given the number of intra-day specials going off with stocks like MEO, ABS, CNP, AFG, etc, it had become clear this part of my portfolio was drastically out performing the investment side.
In this process, I sold about 30% of all investment postions, including some of both CVI and CVIO.
Anyway, this all changed on Friday when the market had a dummy spit and "irrational exhuberance - not" set in, providing what in my mind was a once-off opportunity, which beyond fundamental attraction, held a certain technical footprint in terms of expected outcomes.
In short, most significant downtrends need a significant "event" to generate the sort of flush required to swing the sentiment balance around.
In my mind, we got that on Friday.
As such, as of tonight, every one of my accounts (except the CFD account), holds eother CVI, CVIO or both...that's long, medium and short term focus, from my trading accounts right through to my super.
Lat time I did this is when CVI broke out from the 8c line back in early August last year.
I may be wrong...but then again it is my money.
Cheers!
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