this is nothing but normal price action IMOGuys, PLI printed $1.39 intraday on Sept 29th, which is just over a month ago. As of yesterdays close, it was up over 80% , if you included yesterdays intraday high of $2.69, it was up almost 95% It came withing .13 cents of the all time high.
Anyone thats been at this game for any period of time knows its never a straight line. If you apply basic chart theory, and admittedly my chartology is a little rusty.... but there was phenomenal consolidation and base building on good volume for the better part of the last three months. Many weak hands were cleared, and on technicals merit alone, the stock was setup to resume its march higher. Obviously some really solid news helped accelerate the process, and I see that continuing.
On Oct 29th the 21 day Moving average crossed back above the 50 day MAV for the first time since Feb 18th at approx $2.13 ( other than a small blip on Aug 6th )reflecting the bounce from the recent low. The move was then confirmed on Nov 2nd as price crossed back above the 200 day MAV at $2.23 for the first time since Aug 12th. The 200 day MAV now becomes solid support and the long term up trend is re-confirmed. The sharp move did create a gap down to $2.25 or even $2.03, but I dont see the 200 day MAV being violated again given the much anticipated news catalysts that are seemingly imminent.
Everything sets up for a retest and break of the previous high of $2.82, and its anyones guess where the top of the new range is, but straight line suggests $3.25 area
You are bound to get profit taking here, but in my opinion this is the beginning of the next leg higher.
I am going to do some further digging on this 3.5% institutional ownership contention. Seems to me that Thomvest effectively owns a heck of a lot more than that alone... then Li Li , Patrick Shoon and the many other pure fund players in the mix. Add in the westcoast and eastcoast consortiums, which are solid as a rock.. and i see the picture alot differently
TTMA