Robert, I have been hibernating enough.....IMHO, we now have a buy alert on GRNO....I will finish filling my position this week....It is time to load up the truck between 1.50 and 2.00....For the time is genuinely short....I am sounding like Ron....Here are the reasons why I believe this is the time to buy GRNO:
1) We have already had a double bottom in this stock...On August 15, 1996, the stock hit its first bottom at $1.00...Its second bottom was hit on 10/30/96 at $1.43....It was about that time that I bought more shares at $2.00..!!!!
2) Volume on this stock has averaged 15,000 shares traded a day over the past several months....Two weeks ago we had volume of 63,500 per day and last week 30,000 shares traded per day...Volume is grinding in an upward direction without further share depreciation....Volume precedes price....Bullish!!
3) My Volume-Accumulation Distribution Indicator flashed a buy alert on Friday....A reading above 30 is bullish, the reading on Friday was 96.....
4) Zeev is correct...We had a Volume Price Reversal on Friday....The stock dipped to 1.50 and then closed at 2.00 on good volume....This is very bullish....
5) The stock is presently holding above its 100 day moving average at 1.85, its 20 day at 1.84,, and its 10 day at 1.98.....
What would it take for me to say, BUY, BUY!!! Well the top of the Envelope channel sits at 2.36....If the stock has good volume again on Monday, over 50,000 shares and closes above 2.36, it would confirm that the volume reversal was not a counterfeit turnaround but real...If this stock has dismal volume again on Monday, and can't hold above its 20 day moving average, I will disappear again, for it was another false alarm.....But I am becoming more confident that this may be the real upmove...Why am I finishing filling my position this week?? I have quietly watched this stock for months....I feel that the major resistance has held at 1.50 and will continue to hold.... The potential for upside is tremendous....Why squirm anymore over a few pennies....My MACD indicator is still neutral but I'm sure if we close at or above 2.36 on good volume, it will be flashing buy in my face as well...Gentlemen and Ladies, we have good news on this company...Press reports continue to be favorable...If Bill can get the initial mini-refining plant up and running, investor interest will genuinely move into this stock...We won't need to PR it, the plant will speak for us...It is time to back up the truck and load up more shares, IMHO.....Enjoy the ride guys, its about to start......Mark |
