RE: Checking in before the weekendYes, you are correct. Last week when I suggested selling if the stock didn't break through $1.23 (it hit $1.22) and then suggested to watch the support line very carefully at $1.09 because if that failed, the next support line was .87 (the stock hit .91 before this little bounce) is correct.
The stock didn't touch the .87 support line...how could I have been so far off (4 cents)
I guess the poor fools who sold off their positions at around $1.21 and then purchase at .93 must absolutly hate me and TA...but if they did continue to follow the charts and sell those .93 at .97 and then repurchased the same day and either sold again at .96, or held them until yesterday as stated and sold off the fail of breaking through $1.09 and took the $1.05 and are now in cash must be wondering what the heck was I doing following the TA and the charts??!
So yes, you are correct, the stock didn't bounce off of .87 like the charts were suggesting to me, but rather .91
Thank you for putting me on ignore...I really do deserve that.
ps. for those who are following the charts, and should be in a cash position right now, just a reminder that the millions of sub 20 cent shares are free trading after today and will be on the market starting on Monday, so best to hold off and see where this takes this play.
Another reminder. The ema20 is now sitting at 1.176 and the ma50 is sitting at 1.152 and if they cross, the charts suggest a long trend down.
Once again, either wait for a bottom to establish itself through the charts, or buy on a break of 1.09
Happy Trading all,
Mediascan