RE:RE:RE:You won’t get it at 0.29 dreamsters Stealthctx wrote: Hi Hello Yellowbrick, Does the chart look promising to you in terms of the support on the bid and ask level? What's your thought on heading upward on our V curve?
While the bid support was better last week than the first week of November, the Ask volume is still more than twice the Bid volume. There have been days when Ask volume was six times the Bid volume, but the price action stays within a 2 or 3 cents range. Sellers are still willing to part with shares but are not willing to let it drop too far. I don't expect to move out of the 30's this week.
Of course this could change anytime as new buyers enter and realize the long term value here. The more longs enter the picture, the thinner the Ask will be, depending also on how many take profits on the way up. If a larger number wait until the $0.70 level or even wait for an ATH (all time high), it could rise quickly.
Each positive NR that NL puts out adds a reason to buy, but each investor has their own buy threshold and it depends on what it takes for each investor to reach theirs. Even if the Bid volume and Ask volume were to even out, there still has to be a catalyst for buyers to run up the price, and at this point with no production or revenues it will be slow going.
If the Bid volume continues to build this week we could some upward movement as buyers may feel safer with a larger downside safety net. If it stays the same, I expect more sideways trading.