GREY:MAAFF - Post by User
Comment by
canadianpilgrimon Nov 03, 2009 1:39pm
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Post# 16448425
53 cents support level
53 cents support levelOn Oct. 30th, I made the following comment.
"I think 53 cents is the stronger support level. I can't prove it categorically, but there is some large player out there that has consistently been buying board lots of MAG when it's 53-56 cents for the last couple of months. If 53 cents doesn't hold, then that means these guys have either gone home, have adjusted their buying range or there are just too many sellers. Unless we experience a market panic, I would expect this level to hold for a few sessions at least as long as those guys keep buying. If they decide, they can accumulate this stock for cheaper, watch out."
Today's million share cross @ 53 cents proves these guys are still in businesss. However, there hasn't been a market correction yet to test their willingness to keep accumulating at 53-56 cents.
Personally, I don't trust this 53 cent support level to hold. All the same, this is a strong place to be buying MAA. Much stronger than 67 cents!!! It won't drop from here, unless a market correction is coming. Unfortunately, I feel that one is coming before our financing/SH announcement.