Post by
BuddyGuyMan on Mar 08, 2018 8:51pm
Technicals
I noticed some people requesting technical data. So here's what I'm seeing..
We rode the bollinger bands up all week from $1.14 to $1.78 today. Closing at $1.50 today, the RSI is at 62 - not quite neutral, not quite overbought. However, by riding the bands up for 3 straight sessions, it was bound to come back down to the upper band at some point and the upper band is right at $1.50 right now. The short sellers and day traders know this and played hard and aggressive today, bringing us right back down to the upper band. We closed forming a bearish peircing pattern in the candle stick chart today, which isn't exactly great, but doesn't always mean the uptrend is finished. We're still on the upper band, and still above every moving average. I would expect to see the bears put up a fight again tomorrow and try to bring us down to the the 50 day MA of $1.39. However, the bulls can easily overwhelm the bears. When the price is too enticing, people will pile on and the shorts will also start covering, taking us higher again. It's all about supply and demand. With such a small float, this stock has no problem going -10% in the morning and ending the day +20%.
I'm confident that all of this is part of an overall uptrend and as a long term investor I'm not concerned at all. It's my belief that when you look at this action in a year, it'll appear as a normal dip in a long term uptrend. Regardless, tomorrow should be very interesting! Good luck all. I'm holding tight as always.
Comment by
Fizzy1985 on Mar 08, 2018 9:03pm
Very well put, I appreciate your insight. You are a gentleman and a scholar. Cheers!