Well, is this a bounce off $1.04?
ISTR mentioning that one of my descending channel supports ought to get hit around $1.04 and we might get a bounce? CaptWhizBang had something too?
Anyway, we hit $1.03 Thursday, closed at $1.03 below my descending support which, AFAICT, was $1.04 that day. We did not confirm as Friday we closed at $1.05 or $1.06 (too lazy to go look right now), above the support line.
I'd like to think the drop is over, at lease for a little while because of that bounce and buy:sell ending at 45.81% buys, 50.18% sells, and 4.01 %unknowns. It's actually better than that because the IH "Trades" screen was assigning those 1/2 penny "unknowns" to "sell" all day except for 15:00->15:30 periods. It gets it right when there's no 1/2 penny involved.
Anyway, combined with several oscillators in oversold (full stochastic, Williams %R, MFI and RSI) the last several days (and longer for a couple), volume "cupped" and fell off over the last week, and we're "pushing" on the lower Bollinger limit, I'm thinking this long decline needs to do a small reset before continuing down, if that's what it wants to do.
Ought to go at least to $1.15 or so. If it wants to do a full leg up in my channel, $1.24 today. Right now I don't see that as likely ... OTOH, we (used to?) normally get some rise as we head into reporting, which ought to be somewhere around early November? But I wouldn't expect that run-up to appear for a couple more weeks.
Bill
