So called support levels from chartists are actual
Post# of 1240
(Total Views: 152)
Posted On: 12/10/2019 8:22:09 AM
So called support levels from chartists are actually irrelevant in OTC stocks like $HIPH.
In my opinion, what we have are the opposing forces of individuals and their followers who are loading it for a dramatic move up next year as plans play out versus those who are either impatient or seeking to take a tax loss because they failed to plan how they would pay their taxes.
Those taking the latter action were almost caught out last week when those buying got the .0060s up . Those who try to take a tax loss now risk having them disallowed if they buy back at any price within 30 days.
By the time those 30 days are up, $HIPH could easily be above .0100 again.
All that's happening at present is that traders looking to add are trying to get shares at a cheaper price on the bid before they hit the ask. When the spread closes up, they are more inclined to hit the ask.
The difference between buying at .0051 or .0060 is actually irrelevant when the pps is back in the .01 > .05 range.
Wash trade rules explained here.
Reminder - Tax Loss Disallowed ! You will incur a "wash sale" and have a tax loss disallowed if you:
- Sell any shares that had a purchase cost basis higher than any shares you have bought in the last 30 days.
or
- Buy shares at any price within 30 days of those that you sold for a tax loss.
In my opinion, what we have are the opposing forces of individuals and their followers who are loading it for a dramatic move up next year as plans play out versus those who are either impatient or seeking to take a tax loss because they failed to plan how they would pay their taxes.
Those taking the latter action were almost caught out last week when those buying got the .0060s up . Those who try to take a tax loss now risk having them disallowed if they buy back at any price within 30 days.
By the time those 30 days are up, $HIPH could easily be above .0100 again.
All that's happening at present is that traders looking to add are trying to get shares at a cheaper price on the bid before they hit the ask. When the spread closes up, they are more inclined to hit the ask.
The difference between buying at .0051 or .0060 is actually irrelevant when the pps is back in the .01 > .05 range.
Wash trade rules explained here.
Reminder - Tax Loss Disallowed ! You will incur a "wash sale" and have a tax loss disallowed if you:
- Sell any shares that had a purchase cost basis higher than any shares you have bought in the last 30 days.
or
- Buy shares at any price within 30 days of those that you sold for a tax loss.
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"Per Ardua Ad Astra" - "Through Adversity To The Stars"
A very apposite motto for those who trade successfully in the OTC market..
All posts are my opinion - trade at your own risk.
A very apposite motto for those who trade successfully in the OTC market..
All posts are my opinion - trade at your own risk.
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