I watched the action on on Wednesday, and thursday, and here's what I come up with:
Lots of profit taking, but the price not only maintained, it rose to newer highs. This was made possible because a lot of blocks went through as buys(there were also some 10Ks on the sell too, but the vast majority were buys)
IMO, behind some of those big blocks are long term investors that now see ckfr is coming of age.
Normally, when we see such an increase of volume, one would expect a price change of more than 8 points(6 open to close) on 12 million shares.
This can be good and bad at the same time. The bad is that a lot of holders just wanted out with their profits. The good side is that CKFR is now in fewer, but stronger hands. This should bode well as there will likely be more selling pressure in the coming weeks, but will likely find footing in the 33-35+ range.
I would be surprised to see the price wane much below that. Unless nothing new comes of the portal deal in say a month or so. Then we will see some more buying opts. as we could test recent supports in the 27-28, 24-25, 22, 17-19, 14-16, 10-12, 9- ranges. There I ran down all the light supports to a worst case scenario.
p.s. on a side note, I'd like to see the volume hang out over 2 million, but It appears to be waning also. |
