'just buy regardless because it's cheap'
Now that is a massive statement hardmano, when the reality is that the SP was a full 3c cheaper only a few days ago.
That was the time to buy, not now IMO, especially when we've just made a 50% gain and move into a massive resistance zone in the 9-11c range. So far today we haven't been able to move past yesterday's high, not a good sign.
But alas and to their own detriment, some folk are simply not able to take advantage of a fantastic profit when they see one (as well as protecting their capital), even when its provided to them in the space of only a few days!
No, they're too caught up in the lust of massive riches that FAR may one day bring and where the reasons to 'hang on' are so well promoted on this forum.
This type of love affair with any stock is VERY dangerous IMO, as it causes victims to ignore the warning signs when the SP has moved too far too fast for no apparent reason.
Has anyone considered that this most recent rally could be a dead cat bounce? Not saying that it is, but no-one can say for sure either way just yet. One should never say never in this market IMO, remember people's suggestions of 6-8c were scoffed at only a few weeks ago. 'Oh but hang on,' says the likes of Far2D2, 'that was the POO's fault, no-one could have predicted that, especially your wisdom suggesting that the SP needed to take a breather'....lol
Well bugger me stupid, anyone would think that oil is back at US $70-$ 80 judging by the recent FAR SP spike & some of the recent comments on this forum. But the reality is that POO is still struggling to stay above it's recent lows in the 50s and could be heading lower. Not saying that it will, but it could.
Meanwhile FAR has had a nice run in the last few days, so what's wrong with taking a profit (or minimising some losses depending on where you bought) and being able to breathe easier instead of worrying about a potential leg back down to the 6-7c range? (especially possible if POO moves below $50)
Anyhow, I was very grateful to be able to take some coin off the table at 9c. After all, how often does a near 50% profit present itself after only a few days of trading? Answer: Not very often!
Looking forward to sleeping well over Xmas regardless of POO and any surprises that FAR may bring, and whilst the dream of 90c (as an example) is a nice one, it is FAR from reality at the present time. GLTAH.
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