"Direction changes are tough to pick, especially when things get this badly beaten up. If we see some real carnage this week with markets melting, buying the reversal might catch the bottom"
If I was going to try and get back in that would have been how I bought it, now it's gone and I do not chase, ever! The next proper pullback will be my next possible opportunity but for me it's tough now, I hate buying stocks that have been beaten up like this, I much prefer buying something that's trying to breakout to new all time highs that has not had a big run before or has formed a long base as part of a big run, especially if it's been able to hold up throughout market panic like we've seen ... there are a few of these around, i own 2 of them already and lining some others up.
You can look through a lot of charts and see how these kind of beaten up names play out 99% of the time, it's not good probability - IMU is a classic example and that had a big strong rally from about 10c to over 30c and then continued down to well under 5c eventually, that's how the very vast majority play out. There are countless examples to use too, AVH PNV ZIP RAC BRN WBT the list is endless, many of the olders ones simply no longer exist and of the tiny few examples that do recover, they can take many, many years(look at NEU as an example, had it's first big run up in 2012 or thereabouts) so the opportunity cost even if you are right eventually is huge.
I love CU6 funnymentally so I really do want to buy it back but I also know I'd be betting on the 1% and that's dumb betting. I reserve the right to make a dumb bet though
CU6 Price at posting:
$2.29 Sentiment: None Disclosure: Not Held
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BRN WBT the list is endless, many of the olders ones simply no longer exist and of the tiny few examples that do recover, they can take many, many years(look at NEU as an example, had it's first big run up in 2012 or thereabouts) so the opportunity cost even if you are right eventually is huge.
(20min delay)