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The 3m and 6m MACD has crossed over with the 1y chart showing another higher low with it just about to cross over in the next few days. The RSI was oversold on Monday on the 1y chart too.
I don't think this will go up 30% from here but I can see this rising another 15%. This looks to be a bear market rally.
Despite my bearish view on Amigo recently, I actually like the price at these levels. I think it's probably fairly valued as we head into the relending and RI stage.
Looking forward, the company should position themselves as we enter a recession and possible higher unemployment amongst the poorest.
I have no problem to start buying anything below 5p.
I've been consistent in saying this will head to 5p. I said yesterday and this morning that I don't think it will head to 4p, although I'm more than happy to be proven wrong.
Common expressions like dead cat bounce is market terminology, judge me on my predictions when I get one wrong.
The 6 month chart doesn't suggest that at all. It may have hit 30 on the RSI but this has further to fall. Any bounce will only be a dead cat bounce.
Patience is key, this will head lower. Don't panic on any short term bounce. Wait for a double bottom to buy in.
As predicted it's dropped to 5.03 on no news. Who would have thought it would happen so quickly? Not current shareholders that's for sure.
Maybe this will hit 4p after all. I could be wrong for once.