Post by
tamaracktop on Mar 31, 2022 1:37pm
Accelerating?
Yesterday I posted that this rally is accelerating.
Look at the average daily volumes.
The 50-day AV is now 766,142
The 30-day is 853,430
And the 10-day is 1,338,500
This isn't retail buying.
Now way.
This is funds and institutions.
They have a far longer time horizon than retail does.
Particularly this is probably bank-managed funds.
The banks know that inevitably their analysts will raise their targets as the stock moves higher,
and are either initiating positions or adding to existing ones.
They can't afford not to buy stock during a period in-between when retail is relatively dormant.
Now take a look at the moving averages.
The 21-day MA is now $1.74, and the 50-day is $1.766.
They're both toast.
The 200-day MA is now surprisingly close at $2.825.
The stock hasn't been this close to its 200-day moving average since March 12th, 2021.
At $2.20, this stock is up 60% since its $1.37 low on February 24th.
Up 60% in 26 trading days, and it's holding its gains very well.
If traders and momentum players had an excuse to sell, it was this morning at $2.08.
They didn't.
Everyone seems to think that a pullback or further weakness is a given, but the market has a tendency not to accommodate the masses, but rather to disappoint them.
This stock isn't stretched.
This rally has legs.
It won't be straight up ( it might be for a few more days ) but this stock is definitely going higher.
$2.25 now on 1.17 million shares.
Comment by
catchascatchcan on Mar 31, 2022 3:57pm
I'm in no way technical, but a fool can see that today we bounced against the 2.25-2.26 marker 4 times after having broken through it earlier today. Looks like if we can break through it again tomorrow, we'll have another leg up? TT do you have market depth you can share? Is there a big overhead there? Thanks