Originally Posted by
Maxtrade
Thing about these forums is there will always be those who see opportunity where those who see otherwise. When Covid hit and the markets tanked PX1 SP crashed down (with all other stocks) and found a key support level about where it is now. The fear that March 2020 bought to the markets forced stocks down to their lowest levels and have since across the board bounced back up. With the recent drop in PX1 SP now hitting these pandemic lows there is a reason for argument that this will be at the key support level and looks to possibly be forming a low end trough as we speak. If it didn't fall past this point when the world was going crazy and markets tanking due to China/Covid onset scare and first lockdowns, then it seems unlikely what's going on now will push it lower than that!
Still feel will see a rally up to 0.60 task acquisition deal price to follow. Don't have the crystal ball for the timing exactly yet or what the key catalyst will be. Maybe Feb/March, time for Task to show some directional improvements. Combined with slow opening up of NZ from our tight locked boarders. General positivity Feb/March would be where I would look to.
I wouldn't sell for a loss just yet Tango. A steady hand might actually see a profit turned rather than realising any loss. That is unless you need the funds of course. The downside is being forced to sell at a low level like where it is now. Hopefully those funds aren't 'needed' right now and can just check back in a couple of months for a rally.
The only real substantial loss I have realised was with NZR. Right when closure of Marsden was the fear. Investors sold down hard on the fear. All the negative news. " Theme was SP won't come back at all...etc". Stupidly I bought into the fear, sold a hefty loss. Now the SP has recovered substantially and would be sitting with a handsome profit if I had not sold out. Live and learn from our mistakes and experience on seeing how human traits seem to play out with stocks.
Put it this way, if only about 20 sellers were to pull their current sell orders off the market the SP would likely then rally and instantly be sitting 20% higher in the 0.50's. That's all it takes. It's only about $150,000 spread over 20 sellers, which is not much in the reality of trading shares. When you look at it like that it makes more sense how PX1 has taken some volatile moves of 15-20% recently. Guess that's how Reddit drives some of it's share movements. They have a group of traders that basically swing the market in a certain direction, all jump on board and drive a share price in a direction. Investing doesn't really seem to be entirely investing in the actual company in relatively low liquidity stocks sometimes. Anyway all just food for thought. Everyone will have their own opinion. I would like to give a chance to see what Tasks customers and new customer base provides. Will be interesting in 6 months time to compare the SP to the lows where it is sitting today at 0.40, only then will anyone be able to give a definitive answer to if this was a bargain time to take advantage of.
Any large sellers seem to have dried up now. If look at the last 5 days trading volumes and where the 0.415 level is finding resilience and has stabilised.