Re: Stock price
posted on
Apr 25, 2019 12:50PM
One week ago (before the NR), I posted the following:
I tend to prefer a longer term for technical analysis so with the caveat that TA is suspect in such a lightly trading stock, this is what I see. I see quite strong support in the $3.20 area that we just were with the 50, 100 and 200 day MAV's all converging there. The 200 is rising and the other two are flat and looking to turn upward with the 200. We have a substantial resistance around $3.50 that we are feeling right now. This resistance has been set in place going all the way back to August/18. It has been firm there other than one attempt to breakout that failed in Sept./18. I think if it can break above that and hold, we will be into a new range just as we were when it broke $3.20 a while back.
I still hold to this idea. It worked at $3.00 and $3.20 and I believe it will at $3.50 now. $3.50 resistance was holding us and then we broke through it. We actually did that with much fervor and went much higher. We are now in the consolidation stage hopefully building to a new breakout. At the moment, our main support level is the old resistence level of $3.50. There is a brief level arounf $3.90 from last September but I don't believe that can hold without more news. It is holding about there right now (I don't pay much attention to brief intraday prices) but I believe it will fade below it with time of no news. If news comes to support it - great! When the price broke through $3.20, up to $3.50, etc., it faded back to $3.40 and stayed around there for a while with everyone's hopes that would be the new support. It still had to try that $3.20 support which it did March 14 and April 15 - 17 before the news. I hold that $3.50 is our new support and that might get tried yet. If news comes to change that, good! Otherwise, we need $3.50 to be tried and have it hold to establish the new range. If it closes below that,our momentum might be dashed but if it holds, we can build toward breaking the current $4.50 resistance that stopped us the other day. Staying above $3.50 will keep our trend upward.