With a cancerous share price decline like Myer has had lately it is a brave person who tries to bottom pick. Even Nadal wouldn't dare.
At least we have now had an announcement showing a major holder has been selling. Presumably once they have finished the market will start to correct the imbalance created. This is what happened with Telstra. Relentless Future Fund selling kept eating away at the share price, but eventually it dried up and behold, Telstra now has a higher price than Myer. They passed like ships in the night.
At what price will it be safe to average down? As I said, it'd be a brave person to make that call. For what it's worth (not much), my feeling is pretty soon. If the price recovers to close above $3.00 it would be a strong buy signal in my insignificant opinion.
Good luck to long term holders. I share your pain and disgust.
MYR Price at posting:
$2.89 Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)