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MFI is in oversold territory. OBV is still declining. However, the price decline in the last 13 sessions show clearly a pattern of low volume pullback. The fundamentals notwithstanding, I sense an opportunity. I would be very tempted to buy some at the 138.2% Fibo line which approximates 41.5c. If the price should go as low as the 150% Fibo line which approximates 39c, I would probably get some.
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4 comments:
buying opp?
drizzt
Hi Drizzt,
Ideally, I would like to see it forming a base first or maybe recover and retrace, forming a higher low.
If I do buy at 41.5c and/or 39c, these would be a hedge based on a gut feeling that the selldown is overdone. This is riskier, of course. My purchase earlier this month at 52c was a hedge which didn't turn out well. ;p
judging by waht is happening now we might see more irrational pricing.
Hi Drizzt,
I agree. Hopefully, we could profit from the irrational behaviour in the market. ;)
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