Although I usually avoid the technical side of stocks, there is a validity of how they show trends. Nearly any stock that makes a large rise in a short time will experience a pull back and re establish a ground floor (or support level). Lately selling off has far outweighed buying as profit takers take money off the table.
After a 400% run in 4 weeks, you expect a pull back. Right now the support is sitting right in the lower .60's which is where we have been sitting. Sure, its better than the old support of .30, but im sure all of you would agree it would have been better to be sitting around .85 support that it held for a little while. With no real resistance at the time till nearly $1.20, I think many were hoping we could gain support just under $1 and hold.
What I think everyone is holding their breath for is the inevitable run once the street (or regular investors) get wind of the company and start to come in. Majority of the support remains within a group.
It wont take much outside buying to send this flying, but I dont think any of us will see it coming. It could be from just one article or press release that causes it. But it MUST be maintained with momentum, or you can have another drop.
The refreshing part is that the company has never "pumped" the stock. This company has refused to push for false runs. No mass emails, no IR firms sending out mailers and faxes. While this generates liquidity, it also will cause the stock to drop massively afterwords. When you have a legit company, you dont need to resort to this. The right way is to continue to get the company out there in the publics eye for its products not its stock potencial.
Right now we have some resistance below a $1 but not much. It wont take much to get us back over a $1.
Hopefully we end the week up, not another down week.