All, read back to: www3.techstocks.com
, that 200,000 the other day had to be a buy which absorbed all the stock the MM's were trying to dump. When you have a sudden transaction of 200,000 shares on a stock that trades 10,000 a day regularly, there you go. If it was a sell, we'd have been under $2 now. Also, we just made the radar screen of the technical traders who don't even know (or care) what Avigen does. Today we opened at the 50 day moving average which was about 2 7/8 and closed above it. We haven't done that since early June. We almost also took out the 200 day moving average which is around 3 3/4. That sets off triggers for technical traders who will take a quick glance at how undervalued and depressed and close to book value this thing is and start what I feel will be an equally long uptrend. I believe we'll break the 200 day average before the partnership announcement comes out. The partnership announcement, and finally any press releases by Avigen will continue the upward trend, IMO. Any good news has been ignored while in a downtrend - no one wants to catch the falling knife.
In summary, it's a combination of fundamentals of the price getting close to its cash value, combined with the grant announcement, anticipation of the partnership announcement, but most of all, someone bought 20 times the daily trading average of this stock as it's about to move above both its 50 and 200 day moving average.
cheers,
Tom |
