RE:This pullback should not have been a surprise to anybodyTheBigCheeze wrote: I posted last night: “The chart is starting to look beyond overbought but that hasn't slowed the buying previously so maybe it will continue at the same pace. I'm guessing a pullback is in the cards soon. Heck, there was a 13.4% intraday pullback today between 10:56 and 11:43 so it could happen anytime. Time will tell.”
The odds that a pullback would happen soon were very high. You would have known that if you knew how to read the chart and you understood investor psychology. TAAT rallied hard for several days with little material news that would justify that much of an increase in the Market Cap so a pause in the price run should not have been unexpected by experienced investors..
Now the question is “How deep will the pullback go?” $3.55 looks like a support level so maybe we have seen the low for now.
On October 5, I predicted.....guessed....a pullback was in the cards soon and I was right. Now I'm guessing again that a reversal is in the cards again soon according to my reading of the chart. That was before this latest NR which should increase the odds of a bounce. I bought more shares near the close Friday so I'm beyond my "all in" purchase level target. I might even buy more Tuesday and go beyond beyond with Beyond Tobacco. Time will tell. If I goofed by buying too soon and the SP drops again Tuesday like it did Friday (a 15% drop would hit $2.13) or last Tuesday (a 25% would be $1.88), I’ll just buy more because I am confident that it will prove to be the right decision eventually because the SP will be a lot higher before very long.