4 posts or 16 days ago, dated 10 April entitled "Dumping Yoma - the perfect ecstasy moment?" , when Yoma was galloping on a tear to new historical highs of 62-63c, I dumped my Yoma , explaining that the set-up for dumping Yoma was almost perfect given the "positive " news flow and the "bullish" technicals, all carefully orchestrated or calibrated to suck the public into buying Yoma shares to support a good exit price for the Yoma operator to distribute or dump his shares - of course that was just my private hypothesis to guide my trading, not yours and I could be wrong in my hypothesis.
True to form, for the right or wrong assumptions/hypothesis, Yoma after hovering for 1.5 weeks of "distribution" between 60-63c( see chart below ) , gave way to a precipitous fall to 50.5c in the last few days.
Yesterday, I saw that the Yoma plunge had been quite ferocious for past 3 days and then brought down to a reasonable support or demand level .. I half expected the operator to find this level of 50c sweet enough to take or mark Yoma up a bit to facilitate further future dumping but was unwittingly distracted into punting what turns out to be a very weak Kepcorp bounce which to me portends of more bearish moves to come -see previous post : Kepcorp - a small punt for a v small bounce
This morning , i found it not too late, an opportune moment to partake in that "half " expected "mark-up" by the Yoma operator ... so i decided to take a chance to enter , considering that the risk -reward is in my favor.
However, being a total outsider , I was not very sure of the operator's exact true intentions for the medium term so I decided to only do a small quick intraday punt , in at 52c and out at 57c at which price and time I felt the price "mark up" has somewhat run out of steam for bearish reasons that I am at no liberty to discuss here or now but which we shall see being played out in next few weeks.
Side note: I saw that the price action on Kepcorp today was not to my expectations and realised I had made an error of judgement in not taking the dividend effect into account , so I dumped my kepcorp wrts bought yesterday , at 13.5c which is 0.1c above my buy price, just enough to pay for the brokerage fees.. feeling lucky to get out alive on this one.
1 comment:
Hi Bill,
I don't trade YOMA primarily because I have no platform to short the stock. However, I did some back-of-the-envelope estimates and I believe YOMA will visit $0.265 and then maybe even $0.13. Wonder if you have an opinion on these levels?
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