It's just that there was a gap down in FLC a few days ago -- it had a low one day of 10 1/4, and a high the next day of 10 1/8, and moved down from there. Technical theory says that gaps usually get filled (or at least most types of gaps). My thinking was that FLC eventually had to move back up to at least 10 1/4 to fill that gap, so I wasn't too worried about a move down -- eventually it would move back up.
Today, as the bid and ask were 9 7/8 x 9 15/16, a trade was recorded for 500 shares at 10 3/8. My first point is -- how is that possible without manipulation? If that trade took place, the buyer should have gotten the shares at market, which was 9 15/16. So, I'm thinking the purpose of that trade, other than to enrich some seller by a couple hundred bucks (for that amount, it seems hardly worth the effort), is to manipulate the charts. In this case, it filled the gap. Now, in my view, there is one less technical impediment to FLC moving down.
By the way, there is an unfilled gap up in the low 8's, which has been bothering me for a few weeks.
EDIT: I'm probably as long FLC as I'm going to get, so I don't want it to move down. |
