TA UpdateSo far the sell yesterday was confirmed and right now the stock is struggling to stay above 1.20
The intraday chart is showing lower high's as the stock is being slowly sold off.
Outside of the TA, that nr today was pretty weak and does not give a trader any confidence at this time and substantiates the decision to watch from the sidelines until a clear direction has been established once again.
MA50 now sitting at 1.096...this is a very crutial number to stay above or there will definitely be a lot of selling if it breaks through that to around the mid .80's
If there are 35 million shares coming to the market sub .20 in June, there may be a few more of these types of nr's to try and hold the price above the 1.10 level so they can unload them into the market.
At this point in time, this play is very risky and in order to protect your gains and or losses, watch very closely if it wants to test that 1.09 level and get out before everyone else want too.
Right now, those who are in are still looking ok, just keep your eyes glued to the screen and watch for any sudden movement downward.
On the reverse, the same still holds for breaking 1.30, which would warrant taking a position once again.
Smart money is watching on the side for now imo.
Happy Trading all,
Mediascan