I bought Sun at $3.60 a couple of weeks ago and it immediately dropped to $3.50 and then hit a monthly low of $3.29 on August 12th. Now it’s back up at $3.70 and I sold my position last Friday for a quick 2.8% gain.
As long-time readers know, I’m not in this for the quick buck, usually. However, what I thought to be support at $3.75 has proven to be too high and I want to get in at a lower average price for the long haul back to $6, which I expect to see at the end of this year or beginning of next.
Therefore, I sold my position at $3.70, and have already placed a new limit order to buy again at $3.45. If it drops below that, I’ll buy more to get my average buy price as low as possible.
Stay tuned.
