Hello everyone its Andre, and here is my first real post. I know a few of you may think that since my first post is about a 10 cent penny stock, that I may be some sort of pump and dump artist. But I promise you I am not. My posts will range from stocks like this, to blue chip stocks, to physical assets like gold and silver. This is a stock I have traded before and have been watching for a while, and some interesting price action happened today.
Here's a little bit about the company: "ParcelPal is a technology driven logistics company that connects consumers to the goods they love. Customers can shop at partner businesses and through the ParcelPal technology receive their purchased goods within an hour. The Company offers on-demand delivery of merchandise from leading retailers, restaurants, medical marijuana dispensaries, and liquor stores in Vancouver, and soon in major cities Canada-wide."
The idea is similar to UBER, but for parcels. The idea itself has huge potential.
I traded this stock a few months ago on January 11th, and got it at 21 cents, I rode the momentum all the way to 31 cents, which is when I sold it (January 30th). The top ended up being 34.5 cents but I was pretty accurate in catching the top.
The initial reason why I traded it was because I noticed momentum starting to trend upwards, and because it passed the 20 cent resistance. Combined with fundamental analysis, it was a great trade. I noticed it got too ahead of itself at around 30 cents which is why I sold.
Now, the price has dipped to a low of 7 cents today. Meanwhile, not too much has changed with the company's operations. There is not much downside left from here IN MY OPINION because I see more buyers lined up than sellers.
I see this as an opportunity to get in on low prices for a company that is speculative, but has great potential for a swing trade or investment. Me personally, I MAY be trying to buy this within the 7-9 cent range, maybe 10 cents, and see where it takes me from there. If it continues to trend down I will simply cut my losses quickly. This does trade on the canadian stock exchange however, so not everyone may have access to it.
I will say this in every post--Do your own research as well! I am just providing some of my insight and this is definitely not trading advice. Thank you all for reading. Please upvote and tell me your thoughts!