Back in late May, early June, there was a lot of commentary posted on HC2 regarding the fortunes of MSC.
At the time, I incurred the wrath of GP for my comments on MSC. Since then, however, I have not looked in again at MSC. But, today, I have noticed that MSC has dropped to 24c on 450k volume, and is looking rather sick for the time being.
Buying support appears minimal with 7 buyers seeking 272k in stock, and 46 sellers offering 1.7m units of stock.
In amongst all this, the 500k buyer @24c has either been taken out, or has quit the scene.
Originally, this particular buyer had been sitting things out patiently for ~2 months.
Now, the highest remaining bid is 100k @23c.
Having previously quit the stock @29c, and having not yet returned, I am concerned about the >25% drift in value from its late May peak of 32.5c, and in particular, its drift today (doen 1.5c) in a rising market.
Whether the time is right to return will depend upon what, if anything, is being said about MSC for the moment.
Has anyone else heard anything out there?
MSC Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
