agree that this stock looks to be in deep value/oversold territory last 12 months has seen this stock take a bath (to borrow your analogy). Feb saw the stock hit all time lows having fallen from 60-70c down to under 10c In every stock there will be shareholders who having rode the decline will now sell into any recovery (stale bulls) they will be replaced by investors taking a fresh look at the Co and its prospects. This recovery in IDL is in its infant stages imo Directors saw fit to buy at lows, who understands the companies future better ?? IDL now getting recognition from the likes of FP will bring new blood to the register, no doubt there will be bumps/retrace along the way but imo this stock has turned the corner The 60% gains since bottom are from a very low base and imo are only the beginning of a re-rate that will occur over coming months. Currently some resistance at 17c but looking at the sellers beyond that there is little on offer
There will always be some profit taking along the way and with a relatively liquid stock such as this we will see some s/t traders taking profits. For me I will look to take some profit around 25c leaving the remainder of my holding a free carry to await higher prices
IDL Price at posting:
16.0¢ Sentiment: Buy Disclosure: Held
