RE:RE:Somebody just fat fingered 300k shares down to 45.61.No mystery here JoeBravo1, that's how the hedge funds and institutional traders take out the STOPS. I mentioned in a previous post (a few days back) that BCE was at or very near a bottom and suggested retail investors to not use stop loss orders, but hey what do I know...Lol.
I learned that lesson many years ago when I was much younger and didn't know much about how this game is really played. Haven't used a stop loss since and don't intend to ever use one again. Imagine being the retail investors this morning that got stopped out and had their shares stolen from them and now have to buy them back at a higher price if they want to get back in or just absorb their loss just when the stock has very likely bottomed. And many of them if they got stopped out a a loss can't buy them back for 30 days due to Revenue Canada's 'Superficial Loss' rule or their loss claim will be denied.
Based on recent trading activity, this stock wants to move up but the day traders are are still a bit trigger happy yet grabbing their 25 cent moves and that will likely continue until everyone is convinced of a price trend change decidedly upward. The $46.85 high so far today was just a test and from what I'm seeing on the technicals when this does break out it will run up to atleast $50 pretty quick.
As of today, BCE's 20 DMA is $47.55 CAD and 50 DMA is $50.58 CAD. With it being a shortened trading day today, because of the holiday tomorrow, we'll likely range trade today. That little drop this morning to $45.61 that isn't showing up on the charts yet will likely prove to be the technical double bottom we need as technical confirmation and will be more obvious next week once the charts are updated. I picked up 3,000 shares this morning in advance of next week's move higher. BCE is cheap here but many won't appreciate that until it's run up and then they'll say shoulda, woulda, coulda...Lol. The institutional trader(s) that took out those stop loss orders this morning and bounced the stock right back up are telling you this stock has bottomed but most retail investors don't see the signs until they pass them.
Be patient it won't be long now.
My opinion only, please DYODD.
HB77