Post by
tamaracktop on Sep 19, 2022 12:11pm
Will this be viewed as a successful test? I don't know
When Xebec traded at .57 on August 12th, it reversed on big volume and went on to rally to $1.00 very quickly.
I confess I was 100% wrong in feeling convinced that the low was in.
Now, despite my wildest dreams, the stock has come all the way back down and in fact
traded at yet another new low only a month later.
I posted on Friday that the trading that day had all the hallmarks of capitulation.
The low today was only 2 cents below the low set over a month ago.
If this stock closes ten or fifteen percent higher today, as unlikely as that seems, and if it does it on big volume, it will very likely be seen by technicians as a successful retest.
A fleeting intraday penetration of the low over a month ago by 2 cents isn't an egregious violation that will do any serious damqge.
A strong close on big volume would have the exact opposite effect.
.59 right now on 473,000 shares.
I'm actually optimistic, but I doubt I have much company.
Comment by
Winston1 on Sep 19, 2022 12:17pm
I agree, the volume is extremely high, it's now time for the swing upwards.
Comment by
tony08 on Sep 19, 2022 12:24pm
What I dread and hope will not happen again this week is to see such a large number of sellers (like this last Friday) despite the stock price being so low. Correct me if I'm wrong, but last Friday saw way much stronger volume than any other day for the past 30 days.
Comment by
tamaracktop on Sep 19, 2022 12:31pm
Ha! You aren't wrong Tony. Friday's volume was the highest since August 12th, the day it reversed off .57 to close at .69, and go on to reach $1.00 9 days later.
Comment by
ZouZS3 on Nov 26, 2022 7:17pm
10 days later, xebec filed for CCAA. Never heard back from him since. Hope he's doing well. September 19, 2022 - 12:17 PM 74 Reads Post# 34971357