I know I have said this a couple of times the last few days but anytime a stock drops below the 50DMA on big volume (which JOYG did), then it is time to sell. If on low volume, keep an eye on it, but on big volume it almost always means more downside is to come. The big money uses the 50DMA to add to its positions so any drop below it means they are selling and not accumulating. For now the 200DMA sits at about 48 so that looks like the next support. In general, a stock that drops below the 50DMA on big volume has seen its nice run come to an end.
The stock now sits about 30% off the highs and it now looks like the stock will have to test the 200DMA before the next move is determined. At a minimum, the stock will need to develop a new constructive base before it can even begin to see the 60s again. Regardless of what investors may think about the fundamentals and outlook of a company, the big money decides the direction of a stock and they have clearly decided to sell this stock.
Regret my crystal ball is in the shop for maintenance......personally I expect this stock to be up in the fall. There's a whole lot of shaking going on now. Everyone's tolerance for risk is different. You shouldn't be losing sleep over your investments. If I sold everything I own now I would be in a deep hole. So I am hanging in and bought some JOYG yesterday. You have to do your own DD and make a decision of how you want to go with this stock. Good luck in whatever you do.
Joy has the ability to snap back like a rubber band. It is at its 200 day moving average and options expirations today. The MOMO's are trying to pull all the shares they can before next week's run into earnings.
It's easy to ride up but harder on the way down. LONG's will have their day....sit tight. This is not an instant gratification stock anymore.Will buy on the dips. Co. is strong in a market that's here to stay.
I have to disagree. You can't predict a bottom, but JOYG has pulled back enough off its 52-week high right in the middle of a mining bull market that it's definately a buy right here. I do agree the stock can certainly go lower (especially in the market we find ourselves in), but you would be wise to start buying now, and you protect yourself by averaging your way in.