Thanks Ron, your comments are always comforting and kind...As you say, I should do more due dilly on the fundamentals...What was going through my mind(bad thinking) was that if I have 15,000 warrants to be redeemed at 3.00 a share, and I see some hesitancy on the part of those who buy the processors to put their cash out front, I nervously sell my shares to lock in at least 2.00 in profit...I still have my limited partnership for the long term...The mentality, better safe than sorry....
Anyway, I am just an observer here...What is up technically....
GRNO has presently been in a small rectangle pattern with the top being located at 6.75 and the bottom at 5.50...Today, the stock broke through the bottom convincingly and now could test the $4.00 area...There are about 370,000 shares of protection as I see it in the 4.00-4.25 area...If that level is broken, we will move back to the 3.06 level where I definitely see heavy buying coming in..If you are a
believer in the company, and want to open a position at this time, good luck with where to pounce. Maybe Robert Korn will be the wisest of them all....All the oscillators are confirming the downtrend, and give me the indication that we still have further to go on the downside...
Chaikin Oscillator-No divergence
Commodity Channel-No divergence
Relative Strength-No divergence
Ultimate Oscillator-No divergence
Williams %R-No divergence
If you are wondering what this jibberish is about, I study price divergences with the oscillator to determine reversal points...I was hoping to see some divergence so I could say, this is it!! No more downside..
It is true the Stochastic oscillator is extremely oversold..It is giving a reading of 4.....But stocks can stay oversold for some time...
With the trader blood in me, I will probably be looking for a one day volume reversal...In other words, the stock zooms to the downside with big volume and then reverses itself...The trick is to buy when its zooming downward...Unfortunately, I have a day job, and can't watch this stock all the time to see if I will have that opportunity....If it does do a Gilligan's Island, or a One-Day Volume Reversal, my prediction is the downward zoomer will be toward 3.06.....
All the best to everyone....I am nursing some wounds from some recent bad trades, but I have learned from them...That is what counts....
Regards, Mark |
