Post by
tamaracktop on Sep 23, 2020 12:45pm
Not at all what I expected, but not despairing
People have short memories, and the day is young. Do you remember a week ago today? The stock opened at $4.40, dropped to $4.34, and closed at $4.53. And then the next day? Last Thursday? The stock opened at $4.50, dropped to $4.26, and closed at $4.53, the high of the day. It traded 243,000 shares and 431,000 shares on both of those days respectively.
I'm the first to admit I'm disappointed , but like I said yesterday, the close wasn't what I was hoping for. We didn't close comfortably above $4.50. In fact we closed at the exact price we were turned back from twice last week.
History is repeating itself, with one major difference. Today we have far more volume than we did at this point of the day both of those days last week. Big moves, whether reversals or not, require volume. There is no doubt that some of the people selling today have sold because they share the same disappointment as I do. Unless there is some fundamentally wrong that I'm unaware of, it should make a stand here. It's back to the low end again, and the sellers are probably done. I would expect the buyers to come in here. We certainly have the volume. Personally I'm expecting it. I'm not even ruling out a higher close. Trading at $4.36 on 222,00 shares at 12:44 pm
This could be a whipsaw that cleans the stragglers out. If it closes lower than $4.35, it won't look very good for the short term.
Comment by
ZouZS3 on Sep 23, 2020 1:50pm
Let's just wait to see what she says! Canada's Governor General, Julie Payette, delivers the speech from the throne Wednesday, Sept. 23, 2020, in Ottawa to begin the fall session of Parliament. The speech is scheduled to begin around 3 p.m. Atlantic time.
Comment by
Ciao on Sep 23, 2020 2:08pm
Regardless of industry tailwinds, XBC needs company specific news.
Comment by
marketwatch9 on Sep 23, 2020 2:13pm
That's so true. We need some contracts....