I was looking at the OZL chart before and there is a chance that 50c could be the low. ie. maybe it will rally back to (say) 75c from here and maybe end up at 50c again on the day the index bottoms.
The reason I say this is that there are key support levels at $1.50 apart at $4, $2.50 and $1. There was a blowoff top of 50c to $4.50 so its quite possible this is the 50c blowoff bottom below $1. This type of mirror image happens quite often.
Still, there is considerable downside risk in the short term so the smart move is to wait for the market to clearly bottom out.
OZL Price at posting:
$5.25 Sentiment: None Disclosure: Not Held
