Midas continued it's massive sell down yesterday and today it had some mini rebound which I am not even sure if it's sustainable. The overall market condition is not stabilized yet and stocks are not having much movements besides only selective counters like CityDev. Midas looks like it's going to have a short rebound but at the same time it also looks like the sellers is not ready to let the buyers take charge.
Midas used to be a darling stock in the market many years back and I believe the growth for this stock is finished. Since 2013 after some small good run, the stock never had much attempt trying to break new high or showed any signs of big wave buying even though good news after good news were released. This suggested that the stock has something fishy going on and it's best to stay out of trading and investment. For now, should I trade Midas, it's only for trading purpose and not for investment buy and hold.
Ronald K - Market Psychologist - A Stock Market Opportunist
