....40 Week Moving average...........................
The only reason for a little support at the $6 range is for the 200 day moving average... I still see alot of $9 and $10 buyers from earlier this year (the guys that bought thinking it was cheap after the bomb struck) and the most resent buyers above $8,,,,looking ,and I said looking for a chance to exit or just throw in the towel for a Tax loss to offset the big gains in all the winners they have had this year.
When a stock moves from the 14's to the 10's with tons of volume people tend to buy thinking it was cheap and when it goes lower than that ,,,, they wait it out,,,, to get out on the bounce.... Problem here was,, there was no bounce.... So than you hold and say I'll use it as a Tax seller at/or near the end of the year....
Now you have them as sellers and the BIGGEST volume recently has been at higher prices than the 7's now,, Look at the chart and you see alot of new holders second guessing themsleves and they will be willing to dump once the pain is strong enough....or if they can get out even....
END RESULT======EQUALS====== LOTS OF SELLERS and would be sellers on any kind of move up.... Look for alot of selling pressure to come in on any rallies in IOM the rest of this year....
THE PIGMAN (the truth seeker) |
