200 sma failed three times.First failure was while back. on Nov 09, 2015 when 200 sma was above $3.00. Recently it has failed twice. In March it failed & the stock dropped below $2.00. Recently it tested 200 sma & failed again. Today the stock hit a low of $2.05.
Now the question is will this bottom be under $2.00 or not. Under $2.00 the stock is not marginable. When the stock is a declining trend the 200 sma keeps dropping &if the stock is trading like SGY which is mostly trading in a range it will eventually get over 200 sma. So far the stock is range bound where 20 sma is crossing over & under 50 sma.
Fast stochastic is showing the stock as oversold which is not very reliable. But RSI & slow stochastic are not yet showing that. While lot of oil stock are trading in overbought area.
Institutional rotation trade in favour of SGY has not started. There is some institutional HFT but no accumulation of the stock.
This stock needs a few large buyers to get it out of the present range & start the reversal of trend.