RE: Always a sign.......20 Jun 2020 10:08
ITM is bottoming out now. ANY company listed in the world will be hit be leftfield missiles ie cvd, terrorism, banking crash, so ITM is no different to any share.
I am fully prepared for those who have made very good money quickly to take all or some money, why not ! It is their money, so who are we to moan.
I believe in general terms the directors selling was a major test and one to base some hindsight on.
The fact it is now near 10 trading days has allowed time and drop to factor in by now. Those selling on the directors news are done. Those selling on worries about the drop on this news to £2.70 will have made a decision to further sell or slice. I think with a normal few weeks ahead and summer generally bringing holidays ie no fresh news £2.50 - 2.70 is around the bottom. I state again this is based on a normal couple if weeks. I the scheme of things this is fine for us holding. ITM, Proton, Nel, Mcphy, Powerhouse ( not sure about with merger / shares issue to factor in to a tough market ) Ceres have all hit year highs , very near or blasted through in recent weeks. How do we know what the value truely is on all of these fast bubble like rises ? I don't other than the possibility of pipelines which in the main are very healthy in this sector.
It does remind me of how lithium started and once 2-3 luthium companies zipped up 10-20% a day then the next level in quality got dragged up with them then finally the start ups and penny shares even got in with the gamblers.
Looking now after 2 years the market merged , lost a hell if a lot of value and generally good companies have been hammered.
It worries me the trend chasers are now in da house, but news flow should retain some good quality growth.
I hold and add when possible with a very positive view of most of the above. Mcphy has risen VERY quickly on very few shares. If there is a blip €4-5.00 could easily be seen as its rise has yet to be tested ie 4 directors selling lets see what that would do ? It worries me some and I would be happier at a week ending €8-9.00. So I assume the traders are in.
ITM are looking very solid, the last few days have levelled off. Like Nel and Ceres these 3 are the real deal regards the testing of the rise.
Proton , I am think looks good but its filling back in the gap. I would need to see results reaction to judge whether it can handle any doubts, but for sure good news would result in a push towards £0.80p-1.00. The shares are mainly held by a large independant shareholder and he sold 11m recently, the same week as our directors selling and powerhouse raising cash. All 3 are now lower. Thats with time for the shares news to settle.
So, imho ITM are a solid bet. Timing a buy is very diffucult but I would hope £2.50-2.80 is a good entry point ready for further growth towards the next level around £3.75-4.00.
Been a great ride and made lots of cash so its ok to remind myself that I can take a drop of 10-20% based on low averages. Good luck all.
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