massive falls in the share price are usually followed by a 10% rise in the next trading session.
DYOR
******************
Even if that happens 10% rise at the current price (.43) is four and a half cents, which makes it still under 50 cents. Even if ELD was to jump by 30% tomorrow (unlikely) many of shareholders would not be happy.
My reasoning for getting out this morning was this;
- even if ELD recovers in 2-3 years from today's lows and even if I average it down by throwing in another 50K, I still would need to wait all that time based on a speculation. I thought I would be better off to invest the "leftovers" into a blue chip stock that would at least pay me some dividends.
A potential breaking even or making any profit in this stock would mean (besides the aforementioned time frame) I would have to ride it all the way up to $1.50-$1.70 level. With all uncertainty around the globe (potential double dip recession talk etc.) and just as ELD may have recovered a bit from this hammering, the next one would follow. I prefer a knock out in early rounds to being knocked down a number of times and then finished off when the whole arena is empty with no spectators.
So, I said to myself, stuff that!
After cashing in the leftovers I have repositioned some of it into QBE, ASX and NAB.
43.5 as we speak.
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Last
$9.34 |
Change
0.100(1.08%) |
Mkt cap ! $1.476B |
Open | High | Low | Value | Volume |
$9.29 | $9.34 | $9.24 | $2.190M | 235.3K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 1244 | $9.26 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$9.35 | 17065 | 5 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 1244 | 9.260 |
1 | 1244 | 9.250 |
2 | 1929 | 9.240 |
4 | 1784 | 9.230 |
2 | 2234 | 9.200 |
Price($) | Vol. | No. |
---|---|---|
9.350 | 17065 | 5 |
9.360 | 1244 | 1 |
9.390 | 3497 | 3 |
9.400 | 3376 | 2 |
9.450 | 83 | 1 |
Last trade - 16.10pm 29/07/2024 (20 minute delay) ? |
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ELD (ASX) Chart |