That's some 'Sirius' dumping!
Updated
Not a fan of this stock. All can be said is there has been support at the entry price of 5 ish, and judging by the recent transaction volume traded and the sudden price movements, it must be close to capitulation. Hit 8.50 ish today. That I suppose could be mid term bottom. as I type we have 10.40
Note
After today's sell order of six figure worth of stock, there has been a gap that must be filled. Medium term price target of 14.
Trade active
The historical support of (approx.) 5.5p broke and took out many stop losses below that area, where there was a massive volume of trades. We saw capitulation at the lower level (2p), below what was thought to be the hopeful support, but this having broken, the true opportunity ripened. RSI was severely oversold and we bounced off the bottom. People who saw the opportunity of buying in high volume with low RSI combined bought the bottom and made a killing in a short amount of time (such as myself; half stock sold at +73% (limit order sold at 5.7p), now sitting on rest of stock valued at +65% of entry price (weighted entry 3.3p ;).Tactically taking 'some' profits at 5.5p is in my view is sensible and a stop loss may well now be in your plans in case the Anglo American deal goes to shit and we head further south. I see potential for this to go higher if Anglo America agree to take part ownership and help the company mature, reaching the potential that we have heard about for many years.
Will it break upwards through the 5.5p barrier and eventually re-fill the gap? We'll have to wait and see. It all really now depends what the powers that be are going to do with our hopes and dreams! (be kind) 8.5p is another repetition price that has been seen to support and resist... however, i'm seeing 13p as target, in support of the 12-14p gap range.
As always, there is the risk of it not going up, but using well planned levels for stop losses, you can limit the downside and capitalise on the upside.
Just hoping that this update doesn't influence the market too much or Anglo America's decision if they read it (and they probably will).
Anyone looking for a new employee on wall-street, please get in touch ;)
#not-financial-advice #risky-trades #risk-reward?! #Don't-trade-if-you-dont-know-what-youre-doing! #not-a-pro #just-a-retail-investor-with-some-experience #smoke-and-mirrors #What-influences-price #news-is-reactive #predictions-not-premonitions #Sirius-minerals #Give-me-a-job-please #got-potential #do-the-opposite-of-what-the-99-percenters #see-hype-as-a-threat #buy-when-there-is-blood-on-the-streets #got-game? #market-cycles #game-of-cat-and-mouse
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