This was one where people thought I was crazy for choosing a target so low to R26.46. The day it hit, I was I guess not surprised but saddened because the company has so much potential and strong prospects
Wake up just one day later and it's down to R13.76. This could be a great buy area where it could rally on back. But as a trader, I need more upside potential with strong momentum.
This price could be a rising pennant which could drop down to a new low.
However, if the price breaks up it could very well head back up and close the gap.
I would be careful with this type of trade and so I'll be a spectator for now.
I see another director bought 105,465 share in the open market yesterday.
interestingCoc45121
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*Correction, on the 28th.
interestingCoc45121
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Good afternoon Timon,
Would the +/- R55m worth of shares purchased by directors in the open market since the beginning of March sway you in any way?
Appreciate your insights.
Timonrosso
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@interestingCoc45121, It's never a positive sign for investors when their own directors sells 42% of his nearly four million shares in the group. It causes a shake in confidence with investors. Hopefully with the stake in WeBuyCars and with hopefully better earnings will help save the company from total collapse. We'll have to wait and see.
interestingCoc45121
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@Timonrosso, Agreed. Mr Hurwitz has however addressed the December sale of his shares, as well as the circumstances surrounding the sale, on more than one occasion. I was referring to the recently purchased shares by a number of the other directors since the price drop. As you said, it is going to be interesting to see how this plays out over the next couple of weeks and months.