RE: REDCAP / Technical AnalysisTA is always questionable with penny stocks.
Tight floats = lack of liquidity = inaccuracy on TA.
The indicators are turning down but the short term trend on all indicators is up. The stochastics are turning down but that is natural and to be expected - the stochastics are still reading positive - higher lows. After a move like Friday there has to be profit taking and consolidation, to expect a straight line up is ridiculous. So where from here? Chart won't really tell you. If company has news - see ya later, she be gone.
With a flatliner like FIN the old shareholders that paid 2.00 " will be getting out and thanking their lucky stars. New shareholders come in based on the sizzling hot wireless internet aspect. Momentum players jump on board for a ride. And the shorts will bash as much as they can.
Ya gotta love it!
In the middle is probably an investment firm madly arranging a financing for the next "hot wireless" play - all firms out there are desperatly searching for a good one to beef up their firms reputation.
Once the financing is in place the retail arm will go to work - the next wave will start.
MOMO's are moving out and we'll see where it settles by the end of the week. I mentioned financing because it's obviously been an issue overhanging the company for awhile - looks to me like they might have that issue solved - I'd be surprised if they didn't announce something shortly to lock in the price.
It's about wireless internet and potential.
This company is a non hype company - they would have been a hell of a lot higher by now if they were promoting the "play". There must be something other than that news release behind this move. That news was put out to make sure they wouldn't be halted. Chances are they knew serious buying was coming in and they put out the news to avoid any hassels with the exchange.
Accumulate the dips and watch for the financing, and other news.
JMO.
My DREAM scenario:
Canaccord does the financing [ can't believe I'm saying that! ] and David Wong initiates coverage.
Wahooo.