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Friday, June 13, 2014 10:22:48 PM
Even if you believe in the company, you are forced to sell some shares to maintain a solid trading strategy and avoid massive losses.
That doesn't mean this is a bad company. Sure, there are some negatives, but all companies have negatives, even Fortune 500 companies. I'm not saying this is an amazing company because I don't know enough about them, but I do know that it is undervalued based on the financials I have seen. I didn't get in this stock because of any pumper and I'm not trading based on what anyone else is doing.
I think there are still a lot of people who want shares when a bottom has clearly formed. I know I do. I want millions more shares but I'm not going to be a martyr until I know what my risk is. I made the mistake of thinking technical support levels would hold and I loaded shares along the way. Right now, this stock is breaking through support levels too easily. There was barely any buying pressure on the ask today.
That being said, I think that some buying power will go a long way. Similar to how panic triggers more panic, confidence can trigger more confidence. If a few million shares get taken out on the ask, this has room to run. I'm not telling anyone to just hit the ask because that would be foolish, but I do think a time will come when this can bounce back. Traders just need a reason to be bullish and we haven't been given a reason in the past couple of days.
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