You're right, Bug. Those big sell orders wiped out all the buyers and created a flash sale. I was watching it in real time at a café. Every time I refreshed the screen it was down another couple of cents. I've never seen such an imbalance of TGR buyers and sellers.
I have always said here that I'd consider buying more around $3.00. My average price is $3.34. I'd be happy to average down at/below $3.00. $3.20 didn't tempt me.
The poster this morning was spot on about buying below $3.30 and selling at $3.70. It's a predictable trade but l like the Tassal fundamentals too much to mess around with trying to time a quick 10%. Knowing my luck I'd sell at $3.70 and a big Norwegian company would put in a $5.00 takeover bid the next day! Seriously though, I'm surprised we haven't had a takeover bid. AUD 1 Billion would be nothing to a large European company.
Tassal used to be one of my smaller holdings but l took profits and sold either a third or a half of some other stocks last month. Meaning that Tassal is now a reasonable size in my smaller portfolio. Lots of high quality stocks I've always liked but always seemed on an expensive PE are now starting to look appealing (no, not Zip or Kogan!).
Here are a couple of Commsec screenshots of the state of play while the price was in the $3.20s.
A couple of REITs l hold and a couple l follow closely suffered a similar fate today with abnormally large sell orders bringing the share price down heavily. Not enough buy interest to recover from the drop on a day with the overall market down.
TGR Price at posting:
$3.54 Sentiment: Buy Disclosure: Held
