Post by
tamaracktop on Jan 31, 2023 10:56am
Look on the bright side
He may have sold every day since last Monday, but he's only sold 216,000 shares.
He can't keep selling forever.
Apparently he doesn't intend to.
The problem, as I see it, is one of momentum.
After making its low on December 28th at $0.84, and closing at $0.90 that day, this stock didn't do anything for weeks.
It recorded 8 closes at $1.05 or lower in the ensuing weeks, as recently as January 19th, when it closed at $1.01.
It wasn't doing anything.
It had no momentum, in either direction.
This recent rally stopped abruptly on Friday at $1.75.
Very abruptly.
Yesterday's close at $1.40 was down exactly 20% from Friday's high.
During its most recent selloff, it had downside momentum when it lost 60% from $2.08 on September 12th to $0.84 on December 28th, and then it went sideways.
It went sideways for weeks.
After last week's rally, it has momentum again, but the momentum is to the downside, and the stock is coming from $1.75.