RE: RE: RELAXOk, I am going to be as straight forward as I can.
I first entered this play at .09 and then sold at .21, I re-entered at .125, missed the .21 little run after that and then ignored the screaming sell at .43 (yes, even seasoned traders let the emotions get to them sometime)
I wasn't terribly concerned because we had formed some very good support lines of which I put in buy orders.
The .31 was my next fill, but then the pp took me by surprise and blew away the chart and patterns.
I recently added at .255, which I thought was good enough to get me some shares just above the gap and is where I stand now. I am not sure what my average is now...maybe around .16??
So, in the many years I have been doing this, it is incredibly rare when a gap does not get filled. What threw me off was that is was only a half a cent gap, so as the stock progressed forward, I decided to disgard the possibility of it being filled, and without the pp surprise, I believe my assessment would have been correct, and we would be still trading in that .35 area waiting for the next leg to begin.
Well, now the charts are re-drawn and new resistance lines have been drawn as per my last post.
If you go to the weekly chart, it shows that we still have a ways to go to hit bottom on that one. Now by bottom, I am not talking about an RSI reaching 30, I mean an RSI reaching 50. Right now it is sitting at 58.55. Again looking at the weekly, the MACD has turned down and the Full Stochastics are pointing down.
The Bollinger Bands have a ways to go before they tighten up on both the daily and weekly charts now, so if I put everything together, strictly looking at both the daily and weekly charts, they tell me that there is a high probability that the gap will be filled at .245 and that we could possibly test the lower Fib line at .235
I totally agree that a positive nr would throw this out the window and allow us to ignore the half cent gap, but without that, strictly looking at the charts, I have to tell myself that I need to trust my charts and not panic if the stock tests that .235
I must say that if we did get that low or even just covered the .245 gap, it would do wonders to the charts going forward and would finally put that behind us so that they stock can move forward as it should.
The resistance lines are not near as hard as the were before, which should allow the stock to recover much faster this time around.
That is how I see it and of course it is just my opinion.
Mediascan