GLBH retracement, consolidation phase. thoughts.
i didn't see the open, but obviously there was not enough volume/pressure to take it any further. could have done .0023-25 and stayed within the chart, but...
when .0021 didn't fall, you had to know this was going to pull back and look for a support line or point. finding sellers was easy. as of pre-yesterday there was not a single day in 2014 where this traded with a bid above .0013 -- .trades at 0014 were small and insignificant. as this dropped, positional accumulators, they've been building positions below .0009 for months, took shares off and no one should be surprised. accumulators have shares to spare and take profit. not every one sells, but that's how most traders survive. they get liquid whenever the opportunity presents. and what could be more enticing this morning to those who'd bought shares before Wednesday, than that NOT ONE share acquired in 2014 made for a losing position. a standard operating procedure was there for those who chose to do so. sell half on the double. and if ya got a better multiplier, sell less. its all about trading safely.
linking back to the daily chart , there's a red candlestick in place. infers we ran out of steam. this had a higher low, but the stock closed below both yesterdays end and today's beginning. the bottom indicators, as well as the sharp turn down in the williams, shows sellers emerged. but 'so what'? the volume going down was less than what took it up. and the trading i saw was orderly. a stock on an upswing needs to find its support. without a floor to bounce off, a drop can be quite drastic. the first technical test here is at the 5ma and 10ma. sans news, i expect that tomorrow the volume will drop some more, and the stock will seek to develop its new floor with some (small?) trading at .001 and 0011.
that said, when news comes and volume hits, a bid break over .0023 should send this to .004-.005. that is my first target. possibly 2-4 weeks. until then, i look for this to trade sideways and wash the range from .001 to .002x., news changes everything.
and under 'things that get noticed and make you humm in the morning': Cantor Fitzgerald moved down on the ask. not my favorite market maker. i don't think he does retail. and he hasn't been friendly to my stocks in the past. might bear watching.
