Bob,
I guess it's just a few of us who even know about CII. The stock rises almost 30% and there are no regulars posting their views - pro or con. In a way I kinda like it because it tells me that CII is still very much an unknown company and that it has much upside left before it finally gets on people's screens and becomes 'over-bought'.
BTW, we should see some follow thru tomorrow morning - simply because of the percentage rise today, some mid-day correction and then some late buying to take it to a new high close.
Re: the rise today. It appears that the new PR firm, that just came on board in the US, is starting to have an impact. Notice that many of the trades today were for 10,000 and 20,000 shares and were 'market orders'. This tells me that many who bought today are people who have been sold on the company (likely by this PR firm). I would think that, if this firm was instrumental in making these investors good money on several other occasions, a simple call could easily elicit a buy order of at least 10,000 shares - as they would be of the opinion that the stock being promoted will be climbing to much higher levels.
On a technical level, however, today's action was important as we saw a very strong breakout into new high territory and a new 52 week high close. In addition, the move was made on much better than twice the average daily volume of the preceding 5 days and the trades were evenly dispersed. Finally, we saw no panic buying near the end of the day (or dumping for that matter) and the stock closed within $0.02 of the day's high.
Based upon this picture, this move should not be a 'one-day wonder' and we should continue upwards for at least a couple of days before stopping to digest the gains (i.e. some profit taking).
Nonetheless, I think that we are now going to trade over a $1.00 from now on and that even if we do have some profit taking, buying will surface long before we come close to the $1.00 range.
Short term( i.e. by this Friday's close), I can see the stock rising as high a $1.50 and maybe more.
But, don't buy it on that basis. I'm a shareholder and have a vested interest. Do your DD and then make up your own mind.
Brian |
