Here's hoping....
posted on
Sep 27, 2015 11:22PM
Monday is almost upon us, with just three days of trading left in the 3rd qtr of 2015. The 200 and 50 dmas are at $1.63 and $1.77 respectively, so we're over those two key metrics. The 20 dma which I follow is at $1.88 which puts us just 1 cent under that average as of Friday's close.
Will we get some volume? It seems nobody took in the GCFF conference in Canada's Big Schmoke on the weekend and likewise nobody seems to have been at Friday's analyst presentation in NYC on Friday.
Hopefully those events will drive at least some added volume....we haven't made it to 6 figures since the 2nd and 3rd of September, and the increased trading those days pushed the PPS up as high as $2.33......then the buying backed off and back down we went.
Everyone knows my opinion, but I'll share it again anyway.
I would bet that the increased buying we saw at the start of September, that it was shorts working at covering off the remaining 70 odd thousand shares they were light as of Sept 15th. We'll know soon enough whether or not I'm right. Then I see the subsequent price action as more manipulation as our "smart money" friends tested the patience of retail longs and bought what they could....I hope I'm right because if so, then I was taking advantage of their machinations and adding more myself.
Stochastics (leading indicator) are giving off a bullish buy signal with the fast line crossing over the slow line at a nice oversold level of around 20. MACD (trailing indicator) is above the zero line with both fast and slow around 0.40....looking like it could go either way. Hopefully the buy signal stochs are giving off will be confirmed at a higher price by MACD.