Bought 1 Million Midatech Pharma PLC American Depositary Shares (MTP) on Nasdaq on Apr 24 at $3.60 per share
Had posted thin on our Uniquely Toronto Facebook page. Moving it over this to this site.
This is the last of the buys for the Regular Portfolio from last week. Bought 1 Million shares of Midatech Pharma PLC American Depositary Shares (MTP) on Nasdaq on Apr 24 at $3.60 per share.
Major Price Breakout upwards with a huge spike in Volume. IMHO Volume Spike usual tend to indicate the Trend Direction will change. Expected price consolidation after price spike. Did not expect the price to drop this much. Holding, as this should bounce back up after hitting support
When the price spiked up on Apr 24 it hit resistance and came back. Once the price starts back up and goes through that resistance (just under $4.00) the price should rise to the next resistance level around $5.00. Will likely try to sell around $4.90 per share. Yes, this trade is sitting at a loss, but IMHO the price is above the Support level and so I’m going to be patient and give this trade some time.
This stock is an example of the danger of trading Gaps. If I were to sell now, I would take a major hit. In contrast, look at the price of HELE since it Gapped. The price of HELE has risen daily since the Gap day. Hard to predict short term price action. I’m playing MTP for the longer term.
Disclaimer: I am not an registered Stock Analyst nor a licensed Stock Advisor. This post is not a suggestion for anyone to buy anything. Please seek the advice of your own licensed Investment Advisor before placing bets at the Stock Market Casinos. You can lose money – even all of it. This post is for my own educational purposes…
Posted by Vincent Banial