Thanks Orejon, I do appreciate the comment.
Sad to say, I'm out of OPY today. The trajectory is still clearly down. Of solid concern in terms of technicals, the sell side is still building. You'll see a large parcel "buy" @ $1.20, that's not a buyer, but a seller who hopes to decieve buyers that that is a support level. When buys do come in, they're wiped out as sellers throw into the buy side. So, as the price moves down, he moves his bid down and this has been going on since $2.50!!!
Watch that bid move down over coming days as the price sinks.
There are other factors too, one is the cash burn rate of the company. The market doesn't like it, so in the BNPL space, OPY is being sold off more than the others on a red day and bought up less on a green day. Moreover, BNPL more widely is seeing the froth coming off. The sell-down on Z1P the other day following a great result rang alarm bells with me.
That said, my real concern is that investors who bought in at the last CR of $2.03 have got to be banging on the door demanding an explanation. Perhaps it's some of those who are selling. OPY over the past few trading sessions has been trending down an average of 3.5% per day. If it were a hospital patient, it would be in the ICU. I do believe OPY will track below $1 again, but that is just my opinion based on preliminary technicals. I really can't see any bottom support level now.
If all this is happening following a good day on the NASDAQ, what will happen following a tech correction?
I in no way wish to influence any of you here. These are my concerns regarding this stock, but I do hold others. I will alter my sentiment to "sell" because that is what I have done. I will not become sour grapes here and downramp because it achieves nothing, least of which is the return of my lost capital. I didn't lose tens of thousands as some have, but I did lose thousands. Guys & girls, that's life, that's the market. No one forces us to click the buy or sell buttons. I've lost a lot of money, and I've made a lot of money; luckily more up than down over the last 22 years.
I'd like to wish everyone here who wishes to continue to hold the best of luck going forward. I may revisit the story once their US venture gets underway in coming months. Until then, adios!
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