Support at 17 despite continued selling17 Jun 2020 17:52
Counter intuitive perhaps, but I'm getting increasingly confident that we are going much higher in the coming weeks and months, largely due to how this relentless shakeout doesn't seem to be pushing below 17.
It has given people every opportunity to exit their positions above 17, for quite a few days now. I tend to get cautious on the euphoria, and be balanced on the down days, but I am pretty bullish from here.
There won't be much overhead resistance now to 25, and the resistance of that all time high level has been weakened, so if we get an injection of buys, things will move quickly north. Something to think about if you're humming and hahhing over an entry. If you wait to get in you'll likely miss the boat from here.
In terms of margin of safety, how much lower do you realistically expect it could fall, with the 3.4 mil in reserves creating security in terms of the company continuing as a going concern. Anyway, something to think about..