If it gets to 80 cents then I really think the shorters will take it to just below 50 cents where buyers will step up for a run up to $1 again. Myer is just going to become a pump n dump stock over the next few years until it turns around or goes into administration.
Yes the 94 cents was a strange number for Myer management to come up with which makes me thinks they had trouble getting institutional investors at a higher figure. If we don't get some sort of support around this 90 cent level even those that were buying today are going to sell out for a loss in the coming weeks.
MYR Price at posting:
90.0¢ Sentiment: Hold Disclosure: Held
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