Having seen the low $29's, how can you trade it above $31? Is it still cheap? Yeah, very much so, obviously cheap. But how can you buy a trade position here, it's impossible to guess whether it will drop $2 in the next couple days or climb $4. Arrgghh, frustrating! It was soooo easy to buy at $29.20, but one can never back up the truck in short-term trading, because the next move might have been to $28.75. Another "weekend in Vegas" profit, but it could have been so much better.
You're right ruby. Risk management precludes going too heavy at the lows because you could be wrong. Better to average down in case. I don't think you will miss anything. Hate to say it, but I believe $29 will be re-tested, and you can add more then. I still think you have a chance to add between $29-30 in the coming weeks. After such a steep selloff, I don't think you get a V-shaped recovery immediately. You prob going to go through some consolidation phase between $29-31, before it will break back to the mid $30 range.
There are too many short covering, and momentum players coming in right now that is pushing this rebound. Need these guys to finish what they are doing to see the price equilibrate. Bad idea to jump in now thinking you miss the bus. Profit taking can bring this down back $1-2.