Here is a technical view on a fundamental stock. Just something I've
been working on and thought it might be of interest to others as well
as help some in the history of price movement over the past year.
As per our post #15 and #16, it looks like we are indeed going sideways
for a period. This is very much what I was expecting at this point and
the volatility due to day traders that you mentioned is the obvious
reason, IMO, for the $1.00 drop on the day. The 1/2 dollar bounce off of
todays low suggests a support level but will need to be proven again
tomorrow.
I have identified on a 360 day chart, 16 distinct stages of price movement
and 4 other events with notable characteristics. Of the 16 main movements,
8 fall into a category of 25% movements(+ or - 5%) from the prior level,
2 of the 4 events warrant placement into the same 25% category. In addition,
3 other movements far exceeded pos. 25% changes in price (47%, 43%, &60%).
Other notable points were four distinct drops, each one after a significant
upward move. They were -25% (listed above) as the deepest, -7%, -9%, -11% being
the other three. Each drop lead the way for consolidation that varied
in length from very short (4-5days) to several weeks. All cases proved
healthy for the stock and has led us to where we are now. HIGHER (from
$1 1/8 a yr.ago). In short this looks to be VERY TYPICAL price movement.
I realize this is a fundamental story (of course). Just thought I would
share this with all, as there seems to be many newcomers who may be concerned
over the past couple/few days of trading on the recent run up in price.
Just put it in the for what it's worth category.
Wayne
P.S. If I have enough time I may chart volume to movement at a later date. |
