I have exited most all my 550k position in the market in the last two days in the low/mid 1.70s range. Whilst I am of course not bearish, given it has been 4 weeks since the bullish press release, and we now only have a week or so before the deadline, its reasonable to assume negotiations were perhaps not as 'in the bag' as I had first concluded. That, plus the 50% rally in the stock since my entry, mean the risk/reward is simply just not what it was.
Of course I still think the most likely outcome is a positive settlement and the stock pushing through $2 on that news. That said, if it falls through for whatever reason there is now much more downside in the stock from current (high 1.70s) than when I first got involved.
Will continue to watch and may well get involved again once the decision is handed down. GLTA
I sold my 550k position - here's why
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Last
$1.58 |
Change
-0.015(0.94%) |
Mkt cap ! $405.9M | |||
| Open | High | Low | Value | Volume |
| $1.61 | $1.64 | $1.57 | $580.5K | 364.5K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 9997 | $1.58 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.60 | 5953 | 2 |
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| Last trade - 16.10pm 05/07/2024 (20 minute delay) ? |
| KCN (ASX) Chart |