follow up to analyzing the chartHere is my take on the market action we have seen since Monday's big day.
While the price action has been a little disappointing in the short run it is probably better for the health of a longer term move.The stock churned a fair bit of volume at its news level (10 to 11 cents) on Tuesday then churned less volume and traded lower yesterday and again this morning.
This price action is shaking out two groups of people....first the lucky people who bought at 4 and 5 and 6 cents over the past few months who want to take their profits before they potntially disappear and secondly the unfortunate short term term traders who got in on Monday hoping for follow through on Tuesday....these guys are taking losses and moving on to another trade. Once this is all over we should be able to move higher without too much problem.
Something else to keep in mind is that we saw some insider buying on Tuesday at a little over 11 cent average cost which is a very good sign. As stated in other posts it would be great if we could see more of the directors stepping up to the plate and buying at these levels to give the market further confidence in the company.
GLTA