Averaged down M1 at $1.78

M1 has been a bug bear for me. I had entered it before the governement announced the 4th telco and have seen its share price fall drastically and at this moment in time, it seems like a goner and I’ll have to hold this stock indefinitely. 

Yesterday however I decided to relook at the stock and do see some bright sparks in its charts. Overall the stock is in long term down trend but recent pull back due to the major stakeholders not selling seems overdone and the charts seem to indicate a recovery short term. 

I have taken this opportunity to buy a little to average down at $1.78 and am looking to enter another 30,000 shares (when bonuses are in the bank) if it falls a little more. 

While I am still far from break even, I am confident of clearing this hurdle in the next 2-3 years like Keppel REIT which I have recently broke after averaging down over the past 2 years.

Remember buy when no one is buying and sell when everyone is rushing to buy. Note, M1 has fallen to $1.75 today.