RE: Open shorts8 Sep 2022 21:43
I agree it's already cheap, but firstly, when I see a "target" number, I generally see about 50-66% of that target being the result. Boohoo had 85p "target" and is now 43p.
And secondly, it's about support levels. Demand and Supply. If it drops through a support level, then 'most' of the time it will drop all of the way to a previous support level, and so on. So, I look at the weekly chart and draw horizontal lines on previous lows and look for price action on those.
63p has been lost, if 61p is lost I see 59p on 3rd Aug 20 and 55-56p 30th March 20. 50p in 2011 and lower in 09. Of course it might tap 60 and then rocket back up. Who knows what the hedge funds have in mind!
I use trading view, Heiken Ashi candles. Watch trading addict on youtube, and TradingDNA, even if you're an investor it makes sense to make the most of your money or lose as little of it as possible! I have managed to keep my portfolio in the green by selling when the chart tells me to!