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Microcap & Penny Stocks : Rocky Mountain Int'l (OTC:RMIL former OTC:OVIS)
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To: TLWatson59 who wrote (12283)11/5/1997 11:15:00 AM
From: TLWatson59  Read Replies (4) of 55532
 
TA & FWIW: The behavior of the stock today is not unusual from a technical performance perspective. After yesterday's sharp run up there were two courses of action that the stock could have taken without challenging the current bullish picture. The momentum of yesterday could have followed through with either another gap opening on strong volume or the stock could have done exactly what it did, back off and test for support. For what ever the reason many of the posters have either not read or accepted the previous TA post which pointed out that a scant 60 days ago some 1.8 million shares traded up at these present levels. Some kind of digestion needs to take place if the advance is to continue. This is simple market price movement adjustment and unless there develops some severe loss of price support the correction can only serve to strengthen the upside potential. Don't be shocked or surprised if the price were to fall to just under or just over the $3 level as long the volume level on the downside does not increase significantly.

One of the great puzzles I see is this constant reference to the MM's doing this or that without allowing for simple normal trading behavior associated with actively traded issues like this. Where there are two strong opposing factions as exist here, there is nothing unusual about today's trading pattern or the trading for the past few days.

For now the positive technical factors far outway any negative techical signs and the current uptrend is still in effect.

Good luck to all.

TLW
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