Today, 03:43 AM #2176 Roughrider
Join Date: Mar 2007 Posts: 12 The technicals show this should continue to move forward. It hit a strong resistance at .018 and could never punch through. I believe at that level many folks who had puchased at the sub penny level were looking to double their money and took the money and ran. It earlier had established a solid support at .016 but then I think the close even though it was weaker than we hoped shifted the new support level upwards to .017. There is always the chance of a slight pull back, but I do not see that breaking through the .016 support, and all of the other indicators are not suggesting the stock is overbought. The high volume should attract interests from new buyers who will discover the stock via various stock screeners etc.
The TA says it should go up, and it has the fundamentals to support it.
We should know early today though. It must break through .02 or profit taking will keep it in check through another consolidation period.
-------------------------------------------------- Last edited by Roughrider : Today at 07:01 AM. |