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
$1.56 |
Change
0.005(0.32%) |
Mkt cap ! $400.8M | |||
| Open | High | Low | Value | Volume |
| $1.56 | $1.59 | $1.54 | $493.4K | 316.9K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 2587 | $1.56 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.57 | 2944 | 1 |
View Market Depth
| Last trade - 16.10pm 06/05/2024 (20 minute delay) ? |
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Last
$1.55 |
Change
0.005 ( 0.00 %) |
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| Open | High | Low | Volume | ||
| $1.58 | $1.59 | $1.54 | 28463 | ||
| Last updated 15.59pm 06/05/2024 ? | |||||
| KCN (ASX) Chart |